Iron ore Wikipedia

Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel—98% of the mined iron ore is used to make steel. In 2011 the Financial Times has speculated that iron ore is "more integral to the global economy than any other commodity, except perhaps oil ".

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OverviewIllegal iron ore mining in KarnatakaIllegal mining in the Aravali RangeBauxite, Iron Ore, Chromite and coal mining in OrissaIron ore mining in Madhya PradeshSand mining in Madhya PradeshIllegal mining in GoaIllegal mining and stone crushing in the Ganges river bed

Rising global iron-ore prices driven by Chinese demand brought focus to the iron ore rich Bellary region of Karnataka. This iron ore is alleged to have been illegally mined after paying a minuscule royalty to the government. The major regularities involve mines in Bellary, including those of Obulapuram Mining Company owned by G. Karunakara Reddy and G. Janardhana Reddy who were ministers in the Government of Karnataka at the time. Income tax sleuths unearthed under-invoicing and tax evasion of around Rs 86 crore by the O

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Rising global iron-ore prices driven by Chinese demand brought focus to the iron ore rich Bellary region of Karnataka. This iron ore is alleged to have been illegally mined after paying a minuscule royalty to the government. The major regularities involve mines in Bellary, including those of Obulapuram Mining Company owned by G. Karunakara Reddy and G. Janardhana Reddy who were ministers in the Government of Karnataka at the time. Income tax sleuths unearthed under-invoicing and tax evasion of around Rs 86 crore by the Obulapuram Mining Company (OMC), run by Karnataka's Reddy brothers and also their trusted confidante and state health minister B Sriramulu. A team headed by the Additional Commissioner of Income Tax raided the premises of over 10 people, the team consisted of around 150 Income tax Investigation officials and companies of Central Reserve Police Forceconducted raids. Income tax officials described it as one of the biggest IT raids in the recent history. The investigation found massive tax evasion and money laundering which prompted mass panic amongst the then BJP government in Karnataka. Officials found that the one-dollar company, GLA Trading International (GLATI), was established on November 30, 2007, with Janardhana Reddy as one of its directors. GLA, presumed to be named after Janardhana Reddy's wife Gali Laxmi Aruna, has offices in Singapore, Dubai and the British Virgin Islands, which is a `tax haven'. The investigation report held that "OMC's transactions through the MoU with GLATI are convoluted and devised to evade tax payment in India," A comparative study of shipping bills for export with other companies, which are exporting the same grade material, confirmed the malpractice by OMC. According to the report, OMC signed the MoU with GLATI to sell iron ore only to evade tax payment in India. When the Commissioner summoned Janardhana Reddy and sought explanation from OMC, the Reddys claim

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