ED slaps Rs 136-cr notice against firm

The Enforcement Directorate (ED) on Tuesday slapped a Rs 136-crore show-cause notice on a mining firm for alleged violation of forex laws in connection with its probe in the illegal exploration of iron ore in Goa.  "On the basis of Justice (MB) Shah Commission report on illegal mining in Goa, ED had started probing the under-invoicing done by exporters of ore from Goa during 2006-2012 under the provisions of Foreign Exchange Management Act, 1999. "Ms Magnum Minerals Pvt Ltd was one such mining company and exporter. <g data-gr-id="7">Probe</g> revealed that the firm had transferred Rs 136.93 crore by way of <g data-gr-id="10">under invoicing</g> of exports and in the guise of investment in the overseas subsidiaries," a statement issued by ED said.