ED ensures forfeiture of assets in Iqbal Mirchi case

Mukesh Ranjan

Tribune News Service

New Delhi, Nov 18

The Enforcement Directorate (ED) on Wednesday said based on the evidence provided by it the competent authority under the Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 and the Narcotics Drugs and Psychotropic Substance Act has forfeited three buildings – Rabia Mansion, Mariam Lodge and Sea View (all situated at Worli, Mumbai) – in the Iqbal Mirchi case.

Agency officials said the order, dated November 9, 2020, was issued under Chapter VA of the NDPS Act, 1985 and according to it “all the transfers/transactions in respect of these properties have been declared null and void”.

The value of these properties is approximately Rs 500 crore as ascertained by the ED during the course of its investigation in the case under the Prevention of Money Laundering Act (PMLA), they added.

“Investigation conducted by the ED revealed that in 2005 Iqbal Mirchi, in connivance with Sir Mohamed Yusuf Trust, misrepresented about the ownership of these buildings before the competent authority.

“The properties were falsely claimed by a trust before these authorities on the pretext that Iqbal Mirchi had not made complete payment and consequently it did not hand over possession of these properties to Iqbal Mirchi. On the basis of this plea, these properties were earlier released from attachment under the NDPS Act in the year 2005,” said a senior agency official.

However, on November 6, 2019, the officials said, the ED informed “the correct factual position” to the competent authority and shared “definite and undeniable evidence” of ownership of these properties by Iqbal Mirchi.

The evidences, which were gathered by the ED during course of search proceedings under the PMLA, include complete payment receipts issued by the trust along with the corresponding entry in the bank passbook, letter issued by trust regarding handing over the possession to Iqbal Memon, submissions to Income Tax admitting sale of these properties, etc., they said.

Based on the evidence provided to it, the competent authority in a fresh order observed that the order dated March 11, 2005 was obtained through fraud, willful suppression of documentary evidence and facts and “is therefore non-est order in eyes of law”, said the officials.


Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link


Please enter your comment!
Please enter your name here


Manchester United compounds Liverpool’s woes with victory in FA Cup

United was joined by Chelsea, Everton, Leicester and Burnley on Sunday in advancing to the round of 16 where...

Stalin forced to hold ‘Vel’ due to ‘Vetrivel Yatra’, says Murugan

BJP State president L. Murugan on Sunday said DMK president M.K. Stalin was forced to hold the ‘Vel’ (the spear of Lord Murugan) only...

Thousands take to streets protesting Brazil’s Bolsonaro

Sunday's protests were called by conservative groups that had once backed the President, while those on Saturday had come from the Left. Thousands of Brazilians...

After failed Trump romance, France seeks reset under Biden

Joe Biden “stressed his commitment to bolstering the transatlantic relationship” via NATO and the EU. After increasingly strained U.S.-France relations under Donald Trump, President Joe...

PMK governing council meet postponed

The PMK has postponed its much-expected governing council meeting, planned to be held on January 25, to January 31. While the leadership was not...

More Articles