ED Seizes Assets Worth Over Rs 700 Crore Linked to Iqbal Mirchi
The Enforcement Directorate has provisionally attached assets worth over Rs 700 crore, including prime properties in Mumbai and overseas holdings, in a case related to late gangster Iqbal Mirchi and his family members.
Attached Properties and Overseas Holdings
- Three prime properties in Mumbai's Worli, valued at around Rs 497 crore.
- Overseas assets in Dubai worth approximately Rs 203.27 crore.
Background of the Case
The investigation stems from multiple FIRs registered by Mumbai Police against Iqbal Mohammad Memon alias Iqbal Mirchi under various sections of the IPC, Arms Act, TADA, and NDPS Act.
The agency alleged that Mirchi, who had escaped to the UK, was involved in organised criminal activities, including drug trafficking, extortion, and illegal arms activities.
Money Laundering Investigation
The probe agency said its money laundering investigation revealed that the proceeds of crime generated from these activities were allegedly laundered through the acquisition of properties in India and abroad in the names of family members, associates, and entities controlled by Mirchi.
Investigation Findings
- The Worli properties belonging to the Sir Mohammad Yusuf Trust were purchased in 1986 through Rockside Enterprises for Rs 6.5 lakh, and the actual ownership and control allegedly remained with Mirchi and his family despite the properties continuing in the name of the trust on paper.
- The trust allegedly misrepresented facts before a court and concealed material facts to secure the release of the properties from earlier attachment proceedings.
- The proceeds of crime were allegedly used to acquire overseas assets, including Hotel Midwest Apartment in Dubai and 14 real-estate units at Corporate Bay and DEC Towers in Dubai, in the name of Mirchi's wife, Hajra Iqbal Memon, and sons, Asif Iqbal Memon and Junaid Iqbal Memon.
Chargesheets Filed
The ED said it has filed chargesheets under the Prevention of Money Laundering Act (PMLA) before a special court in Mumbai against Asif Memon, Junaid Memon, Hajra Memon, and others in connection with the money laundering case.
The special PMLA court, through an order passed on February 26, 2021, declared all three as fugitive economic offenders under the FEOA.
Background of Iqbal Mirchi
Considered a close aide of underworld don Dawood Ibrahim and an accused in the 1993 Mumbai serial blasts case, Mirchi died of a heart attack in London on August 14, 2013, at the age of 63.