The Enforcement Directorate (ED) is probing corporates and political big wigs suspected to have links in a Rs 200 crore-land deals involving late Iqbal Mirchi, a close aide of underworld fugitive Dawood Ibrahim. The probe agency on Friday has arrested two associates of Mirchi, for illegally facilitating the property deals.
The accused, who were arrested from Mumbai, have been identified as Haroon Yusuf and Ranjit Singh Bindra who were running the syndicates. Bindra acted as a broker for the land deal while Yusuf transferred the money to a trust and facilitated the deal.
Memon Iqbal Mohammed alias Iqbal Mirchi is wanted by the police in a dozen cases of murder, attempt to murder, criminal intimidation, extortion and drug trafficking in Mumbai.
An Interpol red corner notice was issued against Mirchi in 1994. After the blasts, he fled to Dubai and from there he shifted base to London, where he passed away in 2013.
Earlier, the ED had initiated investigations into Mirchi''s dealings in India and abroad, including the UK, Cyprus, Spain, the UAE, Morocco and Turkey. In last 10 days, ED has conducted search operation at multiple locations in Mumbai and outside.
"The case was booked under anti-money laundering acts and probe is underway. We have come across certain crucial evidences indicating involvements of Mumbai based corporates and even politicians, said an ED official refused to divulge further details.
“During enquiry, it is gathered that apart from the said illegal acts, the accused also collected huge amounts through smuggling of drugs & arms, extortion racket & other illegal acts. Thus, the proceeds so generated has been laundered, and layered and invested in many properties in various locations in Maharashtra & various parts of India and also abroad by projecting it as un-tainted property which amounts to money laundering, according to the remand copy submitted to court seeking custodial interrogation of the two for five days.
Investigation reveals that there are multiple assets owned by Late Iqbal Mirhci in the name of himself, his relatives and through companies controlled by him and his family members.
During the enquiry, it is found that Iqbal Mirchi purchased three properties belonging to Sir Mohammad Yusuf Trust in September 1986 for an amount of Rs 6.5 lakh through his company Rockside Enterprises. These three properties are Sea View, Marium Lodge and Rabia Mansion totally admeasuring 1537 Sq.Mt located in Worli Area of Mumbai.
The said three properties were tenanted at the time of sale to Rockside Enterprises. Various tenants were occupying these premises. However, later on, the tenants left these premises as the condition of these buildings was not good.
During the search proceedings, is found that the possession of the said three properties was handed over to Iqbal Mirchi by Sir Mohd Yusuf Trust in 1993 and complete payments have been made to the said Trust in this regard.
While, Mirchi’s various properties were attached under then Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act which was later in 2005 quashed by court on the ground that it belongs to trust.
From the perusal of list of tenants for the period 1981 to 2010 and from various statements recorded under PMLA, it is found that the initial tenants were replaced by Mirchi's relatives/close associates and by 2005.
Pursuant to quashing of the confiscation, Iqbal Mirchi through his close confidant and Power of Attorney holder Humayun Merchant approached one Mumbai-based developer Joy Home Creation to develop project in 2007.
“From the above sequence of events, it is apparent that the real ownership of the property was with Mirchi and that the Trust was a mere accomplice of Mirchi.
However, as the property prices appreciated and Joy did not make payment of Rs 11 Crore as promised, Iqbal threatened Jayant B Soni( owner of Joy Home Creations) to exit the said property.
Later, in 2010 another developer Sunblink Real Estate entered in the said project and the said deal was finalized for surrender of all tenancy rights in favour of Sunblink for an amount of Rs 225 Crore with Humayun Merchant, Joy Home Creation and Sunblink Real Estate. As per the agreement, Joy Homes was to get an amount of Rs. 50 crore, Trust Rs 4.25 crore and rest was to be paid to Humayun for the tenants represented by him. Thus, total payment to Humayun was Rs 170.75 crore.
However, as per record, a payment of only Rs 60 Crore approx has only been made to Humayun. Further, statement of one of the witnesses revealed that a payment of Dirham 90 million was made through hawala in UAE in cash for purchase of a 5 star hotel in Dubai. This property was purchased in 2010 by Iqbal Mirchi.
In April 1995, Scotland Yard raided Mirchi''s house in the UK and arrested him on charges of drug trafficking and terrorism. Mirchi was again arrested in 2012 for allegedly threatening to kill his nephew, Kadir Nadeem. However, the charges were dropped due to insufficient evidence, and again India could not initiate extradition proceedings against him.
The accused, who were arrested from Mumbai, have been identified as Haroon Yusuf and Ranjit Singh Bindra who were running the syndicates. Bindra acted as a broker for the land deal while Yusuf transferred the money to a trust and facilitated the deal.
Memon Iqbal Mohammed alias Iqbal Mirchi is wanted by the police in a dozen cases of murder, attempt to murder, criminal intimidation, extortion and drug trafficking in Mumbai.
An Interpol red corner notice was issued against Mirchi in 1994. After the blasts, he fled to Dubai and from there he shifted base to London, where he passed away in 2013.
Earlier, the ED had initiated investigations into Mirchi''s dealings in India and abroad, including the UK, Cyprus, Spain, the UAE, Morocco and Turkey. In last 10 days, ED has conducted search operation at multiple locations in Mumbai and outside.
"The case was booked under anti-money laundering acts and probe is underway. We have come across certain crucial evidences indicating involvements of Mumbai based corporates and even politicians, said an ED official refused to divulge further details.
“During enquiry, it is gathered that apart from the said illegal acts, the accused also collected huge amounts through smuggling of drugs & arms, extortion racket & other illegal acts. Thus, the proceeds so generated has been laundered, and layered and invested in many properties in various locations in Maharashtra & various parts of India and also abroad by projecting it as un-tainted property which amounts to money laundering, according to the remand copy submitted to court seeking custodial interrogation of the two for five days.
Investigation reveals that there are multiple assets owned by Late Iqbal Mirhci in the name of himself, his relatives and through companies controlled by him and his family members.
During the enquiry, it is found that Iqbal Mirchi purchased three properties belonging to Sir Mohammad Yusuf Trust in September 1986 for an amount of Rs 6.5 lakh through his company Rockside Enterprises. These three properties are Sea View, Marium Lodge and Rabia Mansion totally admeasuring 1537 Sq.Mt located in Worli Area of Mumbai.
The said three properties were tenanted at the time of sale to Rockside Enterprises. Various tenants were occupying these premises. However, later on, the tenants left these premises as the condition of these buildings was not good.
During the search proceedings, is found that the possession of the said three properties was handed over to Iqbal Mirchi by Sir Mohd Yusuf Trust in 1993 and complete payments have been made to the said Trust in this regard.
While, Mirchi’s various properties were attached under then Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act which was later in 2005 quashed by court on the ground that it belongs to trust.
From the perusal of list of tenants for the period 1981 to 2010 and from various statements recorded under PMLA, it is found that the initial tenants were replaced by Mirchi's relatives/close associates and by 2005.
Pursuant to quashing of the confiscation, Iqbal Mirchi through his close confidant and Power of Attorney holder Humayun Merchant approached one Mumbai-based developer Joy Home Creation to develop project in 2007.
“From the above sequence of events, it is apparent that the real ownership of the property was with Mirchi and that the Trust was a mere accomplice of Mirchi.
However, as the property prices appreciated and Joy did not make payment of Rs 11 Crore as promised, Iqbal threatened Jayant B Soni( owner of Joy Home Creations) to exit the said property.
Later, in 2010 another developer Sunblink Real Estate entered in the said project and the said deal was finalized for surrender of all tenancy rights in favour of Sunblink for an amount of Rs 225 Crore with Humayun Merchant, Joy Home Creation and Sunblink Real Estate. As per the agreement, Joy Homes was to get an amount of Rs. 50 crore, Trust Rs 4.25 crore and rest was to be paid to Humayun for the tenants represented by him. Thus, total payment to Humayun was Rs 170.75 crore.
However, as per record, a payment of only Rs 60 Crore approx has only been made to Humayun. Further, statement of one of the witnesses revealed that a payment of Dirham 90 million was made through hawala in UAE in cash for purchase of a 5 star hotel in Dubai. This property was purchased in 2010 by Iqbal Mirchi.
In April 1995, Scotland Yard raided Mirchi''s house in the UK and arrested him on charges of drug trafficking and terrorism. Mirchi was again arrested in 2012 for allegedly threatening to kill his nephew, Kadir Nadeem. However, the charges were dropped due to insufficient evidence, and again India could not initiate extradition proceedings against him.
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