ED attaches Rs 700 crore assets linked to gangster Iqbal Mirchi, family members

The Enforcement Directorate has provisionally attached immovable assets worth approximately Rs 700.27 crore under provisions of the Fugitive Economic Offenders Act (FEOA) in connection with a money laundering case linked to underworld figure Iqbal Mirchi, who died of a heart attack in London in 2013, and his family members.

According to the agency, the attached assets include three prime properties in Mumbai's Worli — Rabia Mansion, Marium Lodge and Sea View — collectively valued at around Rs 497 crore. The ED has also attached multiple properties in Dubai worth approximately Rs 203.27 crore.

The money-laundering investigation stems from multiple FIRs registered by Mumbai Police against Mirchi, whose real name was Iqbal Mohammad Memon. The police cases were filed under various sections of the Indian Penal Code (IPC), Arms Act, TADA and NDPS Act.

The ED said that its investigation has found that Mirchi was involved in organized criminal activities such as drug trafficking, extortion and illegal arms operations.

The central agency alleged that substantial proceeds of crime generated through these activities were laundered by acquiring properties in India and abroad through family members, associates and entities controlled by him.

The ED said its money laundering probe revealed that the Worli properties belonging to the Sir Mohammad Yusuf Trust were purchased in 1986 through Rockside Enterprises for Rs 6.5 lakh and that the actual ownership and control allegedly remained with Mirchi and his family despite the properties continuing in the name of the Trust on paper.

It also claimed that the Trust misrepresented facts and concealed material information before the court to secure release of the properties from earlier attachment proceedings in connivance with Mirchi.

Investigators further asserted that proceeds of crime were diverted toward acquisition of overseas assets, including Hotel Midwest Apartment in Dubai and 14 real estate units located at Corporate Bay and DEC Towers in the city. These assets were allegedly acquired in the names of Mirchi's son, Asif Iqbal Memon, and other family members.

The ED said it has already filed a Prosecution Complaint and a Supplementary Prosecution Complaint before a special court in Mumbai against Asif, his brother Junaid, mother Hajra Iqbal Memon, and others on charges related to money laundering.

The agency said the special court, through an order passed on February 26, 2021, declared all three as fugitive economic offenders under the FEOA. Mirchi was considered a close aide of underworld don Dawood Ibrahim and was also an accused in the 1993 Mumbai serial blasts case.

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(With inputs from PTI)