Panaji, Feb 14 The Enforcement Directorate’s Panaji Zonal Office has provisionally attached three immovable properties valued at Rs 2.29 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a major fraud involving Jiwa Mines and Minerals Ltd, officials said on Saturday.
The case involves the alleged cheating and criminal breach of trust against China-based Lao Ting Dadi Mobile Components Co Ltd, which was defrauded of approximately Rs 13.42 crore (USD 2.95 million) in 2010.
The attached assets include a residential flat in Mumbai’s Andheri (West) and two land parcels situated at Galel, Sawantwadi, in the Sindhudurg district of Maharashtra.
"These properties represent proceeds of crime and were acquired in the names of the accused using funds generated through the cheating of a foreign entity," the ED stated in an official release.
The federal agency initiated its investigation based on a First Information Report (FIR) and subsequent chargesheet filed by the Economic Offences Cell of the Goa Police.
Investigators revealed that the accused induced the Chinese firm, Lao Ting Dadi Mobile Components, into a joint venture for iron ore mining and export through Jiwa Mines and Minerals Ltd. The victims were allegedly misled by false assurances and misrepresentations regarding mining rights and ownership.
Despite receiving substantial funds, no excavation or export activity was undertaken. Instead, the accused diverted the capital for personal enrichment, the agency noted.
Bank trail analysis established a systematic pattern of diversion and layering of the cheated funds to acquire the now-attached properties.
Further investigation into the Jiwa Mines case is currently in progress.
This enforcement action follows a series of high-value attachments in the coastal state.
In December 2025, the ED attached 19 properties worth Rs 1,268 crore linked to a massive land grab scam in North Goa.
Similarly, in August 2025, assets worth Rs 2.86 crore were seized in a bank fraud case involving Crown Minerals Trading Corporation.
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