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News about a thorium scam has been doing the rounds these days and VV minerals being accused of it. However, after an investigation into the matter it was proved that VV Minerals and company owner S. Vaikundarajan is not guilty and this case has been unnecessarily hyped.
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The following presentation gives details about the truth behind illegal heavy mineral mining in Tamil Nadu which has been discussed highly in the last few years. VV Minerals, the leading heavy mineral mining company in Tamil Nadu has been wrongly accused in this scam. To find out more please watch the presentation below:
A thorium scam was brought to fore and forgotten. However, many aspects that have been defined and made public knowledge are questionable. Some of those aspects being the crores of rupees claimed to be missing, the missing monazite and other rare minerals. Over and above the volume of the alleged illegal export seems a little too colossal.
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VV Minerals India came under the scanner after being allegedly held responsible for a thorium scam that supposedly was exposed by a local Turicorin collector.
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A scam surrounding illegal beach mining activity has recently come to light. Being the largest producer of garnet and ilmenite, VV Mineral Mining has by default found itself in the midst of this controversy. VV Mineral Vaikundarajan, founder, said in an interview, “The mineral rich sand is getting washed away from the Indian coastline in the absence of mining, and as a result, Sri Lanka, located further down, is reaping rich benefits at the cost of Indian industry.” The rising water-level due to global warming is already causing a lot of problems all over the world, and with the water moving in on the shores, India might be losing a lot of mineral reserve. If action is delayed, India will lose its Thorium-rich status.
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World Nuclear Association (WNA), a global body of nuclear industry, reported that India hosts up to 3,00,000 tonnes of Thorium deposit. Unfortunately, the beach minerals in India have seen a significant decline in the last few years. Going by the reports, close to 2,00,000 tonnes of Thorium Oxide stands missing in India. Additionally, monazite quantity along the Indian coastline has seen a decrease by more than 2.1 million tonnes. It is a known fact that VV Minerals India is one of the largest producer of Garnet an Ilmenite. When the reports of missing Thorium Oxide were circulated, naturally, fingers were pointed at one of the biggest exporters in India. The company finds itself surrounded by allegations concerning illegal beach sand mining as stakeholders scrutinize a possible scam.
The allegations were further aggravated when V Sundaram, the first district collector of Tirunelveli, sent a letter to the Chief Secretary of Tamil Nadu. The letter targeted VV Mineral and accused it of amassing several crore rupees through illegal sand beach mining. The director of VV Mineral Mining, V Subramanian, dismissed all the allegations as a conspiracy theory against the company. “Sundaram is passing this as a cruel joke. He is on the payroll of our business rival... Our hands are clear. We will come out clear from these allegations. Our records are straight,” Ravindram Duraiswami, advocate for VV Mineral told NDTV.
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VV Minerals India’s involvement in the alleged illegal beach mining scam that has been revealed in south India is baseless. The mining company giant has been cleared by the Department of Atomic Energy (DAE). There is very little paperwork and actual proof to prove VV Mineral India’s involvement in the scam.
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Although it is understood that the heavy minerals that come under the alleged illegal heavy mineral mining scam are expensive and rare. It still does not make sense that the scam will amount to so much money. S Vaikundarajan of VV Minerals India has rubbished this claim and said even financial projections cannot scope out such a large amount of money to be involved.
VV Mineral Vaikundarajan is a mining industry veteran and a businessman to land the first ever commercial mining license back in the 1980’s when he started VV Mineral. VV Minerals India is now over 20 years old and is commonly known as the forerunner of the mining industry in Tamil Nadu. However, the recent allegation pertaining to a suspected beach sand mining scam has brought VV Mineral Vaikundarajan under the scanner.
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VV Minerals India which had deftly filed a complaint against erring authorities is finally starting to see the light at the end of the tunnel. As per a recent ruling by the High Court of Tamil Nadu, VV Minerals along with another mining company has been acquitted of charges and has additionally ruled a renewed probe in favour of the mining companies.
As per some reports, the thorium deposit on the coasts of Tamil Nadu and Kerala have seen depletion over the last few years. The two states are well-known for being world’s largest reserves of Thorium. The reason for this depletion has been cited as one of the biggest illegal beach mining scam by some companies. However, evidence confirming the same are missing from the scene.
VV Minerals India is continually fighting the battle to prove their innocence. Other than stating the obvious reasons that acquit them from the alleged scam; Vaikundarajan and VV Minerals now need to be conservative about what is being said about them in the media by and large. Thus, they begin with bringing to notice the absolute absurdity of the scam amount which is pegged at Rs. 96,000 crore as of now.
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VV Mineral Vaikundarajan have repeatedly issued public statement stating the fact that they have no connections with any political party or person. They remain staunch on their stand of being an independent mining company being framed owing to their envious success.
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VV Minerals a Tamil Nadu based mining company has been accused for conducting illegal activities in their business. Still the company stands stern to fight back the allegations put on them and proudly states that they aren't GUILTY.
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