ED attaches assets worth Rs 12.44 crore of red sanders smuggling case accused
The total value of immovable properties attached in the case has now reached Rs 72.45 crore in the money laundering case.
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The ED had initiated investigation on the basis of Prosecution Complaint (PC) filed by the Directorate of Revenue Intelligence (DRI) against Badshah Majid Malik, Vijay Subbanna Poojary and others. (File Photo)The Enforcement Directorate (ED) in Mumbai has provisionally attached immovable properties worth Rs 12.44 crore belonging to red sanders smuggling case accused Badshah Majid Malik, Chandrakant Mohan Bhansali and Dharmesh Rao under the provisions of Prevention of Money Laundering Act (PMLA), 2002, officials said Thursday.
The total value of immovable properties attached in the case has now reached Rs 72.45 crore in the money laundering case.
The ED had initiated investigation on the basis of Prosecution Complaint (PC) filed by the Directorate of Revenue Intelligence (DRI) against Badshah Majid Malik, Vijay Subbanna Poojary and others for offences under various section of Customs Act, 1962 for smuggling of Red Sanders in the guise of consignments of Fabric Glue/Radiators/Assorted Colours by submitting forged documents of the companies situated at SEZ Zones.
Earlier, a search operation was conducted by ED at the residence of Badshah Majid Malik, Vijay Subbanna Poojary and others in December 2021.
During the course of search action, various incriminating documents were unearthed which established the modus employed by Badshah Majid Malik in smuggling of Red Sanders.
Badshah Majid Malik was arrested by ED on December 21, 2021. An investigation by the agency revealed that Badshah Majid Malik was engaged in smuggling activities from 2008 to 2010 and 2014 to 2015 and generated Proceeds of Crime (POC) worth Rs 94 Crore, the ED stated.
For the purposes of laundering the POC, he established one company by the name of Empire India Multi Trade Pvt Ltd and through accommodation entries, infused share capital from multiple bogus/shell companies in lieu of cash. Thereafter through this company, number of immovable properties were purchased by Badshah Majid Malik and his associates, the agency stated.
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