ED attaches Rs 700 crore assets linked to late Iqbal Mirchi
The ED said the action stems from investigations initiated on the basis of multiple FIRs registered by Mumbai Police against Iqbal Mirchi under provisions of the IPC, Arms Act, TADA and NDPS Act.
Mirchi was allegedly involved in organised criminal activities including drug trafficking, extortion and illegal arms operations, according to the ED. (File Photo) The Directorate of Enforcement (ED) has provisionally attached assets worth approximately Rs 700.27 crore linked to late underworld figure Iqbal Mirchi and his family members under the Fugitive Economic Offenders Act (FEOA), 2018.
The attached assets include three prime Worli properties — Rabia Mansion, Marium Lodge and Sea View — collectively valued at around Rs 497 crore, along with overseas properties in Dubai worth approximately Rs 203.27 crore.
In a statement issued on Sunday, the ED said the action stems from investigations initiated on the basis of multiple FIRs registered by Mumbai Police against Iqbal Mohammad Memon alias Iqbal Mirchi under provisions of the IPC, Arms Act, TADA and NDPS Act.
According to the agency, its probe under the Prevention of Money Laundering Act (PMLA) found that Mirchi was allegedly involved in organised criminal activities including drug trafficking, extortion and illegal arms operations, through which substantial proceeds of crime were generated and subsequently laundered through properties acquired in India and abroad.
The ED said investigations revealed that the Worli properties, originally belonging to the Sir Mohammad Yusuf Trust, were purchased in 1986 through Rockside Enterprises for Rs 6.5 lakh. While the properties officially remained in the Trust’s name, the agency alleged that actual ownership and control rested with Mirchi and his family.
The agency further alleged that the Trust, in conspiracy with Mirchi, misrepresented facts before a court and concealed material information to secure release of the properties from earlier attachment proceedings.
The ED also said 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 names of Asif Iqbal Memon and his family members.
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