The Directorate of Enforcement (ED), Mumbai Zonal Office, has provisionally attached immovable properties worth approximately Rs. 700.27 crore under the Fugitive Economic Offenders Act (FEOA), 2018, in connection with the money laundering case involving late gangster Iqbal Mirchi and his family members.
The attached assets include three prime Worli properties in Mumbai — Rabia Mansion, Marium Lodge, and Sea View — collectively valued at around Rs. 497 crore, along with overseas properties in Dubai valued at Rs. 203.27 crore.
According to the ED, the investigation was initiated based on multiple FIRs registered by Mumbai Police against Iqbal Mohammad Memon alias Iqbal Mirchi. Key cases include M.R.A. Marg Police Station Cr. No. 83/1994, Yellowgate Police Station Cr. No. 188/1994, and cases from Byculla Police Station, Anti-Narcotics Cell, and DCB, CID. These involved serious offences under the IPC, Arms Act, TADA, and NDPS Act.
The probe under the Prevention of Money Laundering Act (PMLA) revealed that Iqbal Mirchi was involved in organized criminal activities, including drug trafficking, extortion, and illegal arms dealings. The proceeds of crime generated from these activities were allegedly laundered through the acquisition of high-value properties in India and abroad, registered in the names of family members, associates, and controlled entities.
Worli Properties Trail The three Worli properties, originally belonging to Sir Mohammad Yusuf Trust, were purchased in 1986 through M/s Rockside Enterprises for a mere Rs. 6.50 lakh. Although the properties remained in the Trust’s name on paper, the ED found that actual ownership and control rested with Iqbal Mirchi and his family. The agency alleged that the Trust, in conspiracy with Mirchi, misrepresented facts before the court to secure the release of these properties from earlier attachment proceedings.
Dubai Assets Further investigation showed that proceeds of crime were used to acquire overseas assets, including Hotel Midwest Apartment in Dubai and 14 real estate units at Corporate Bay and DEC Towers, registered in the name of Asif Iqbal Memon and his family members.
The ED has already filed a Prosecution Complaint and Supplementary Prosecution Complaint under PMLA before the Special Court (PMLA), Mumbai, against Asif Iqbal Memon, Junaid Iqbal Memon, Hajra Iqbal Memon, and others for money laundering offences. On 26 February 2021, the Special Court declared Asif Iqbal Memon, Junaid Iqbal Memon, and Hajra Iqbal Memon as Fugitive Economic Offenders under the FEOA, 2018.
Further investigation into the case is ongoing.
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