Image credit : Illustrative Image

Chennai: The Enforcement directorate on Monday provisionally attached 517 immovable properties of Madurai based granite companies, MR Granites and RR Granites and those belonging to the relatives of the owners of these companies. The action was taken under the Prevention of Money Laundering Act, 2002.

While the guidance value of these properties is collectively valued at Rs 98 crore, the market value would over double at Rs 200 crore.

The ED said in a statement here that it identified 517 properties acquired by the suspects in their own name and in the names of their family members.

Action comes on the basis of five FIRs, registered in 2013 by the ED against Madurai Granite Exports, M R Granites and R R Granites and their proprietors/partners.

Charge sheets were filed by police that these persons were allegedly indulging in illegal quarrying of multi-coloured granties at Melur, Keelavalavu, Rasipuram and other places in and around Madurai.

“It was estimated that the loss to the Government exchequer and the consequent illegal gain to the accused there in was about Rs. 450 crores in this case,” the ED said in the statement.