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.

Also Read: Properties Of Iqbal Mirchi To Be Auctioned

The post ED Attaches Rs 700 Crore Assets of Late Gangster Iqbal Mirchi in Mumbai & Dubai appeared first on Square Feat India.

Assets Under Attachment

The provisionally attached assets include:

The ED noted that these assets were acquired through illegal betting proceeds and laundered money routed abroad via trade-based mechanisms.

How the Case Began

The investigation was triggered by an FIR filed by Viacom18 Media Pvt. Ltd. with the Nodal Cyber Police in Mumbai against M/s Fairplay and others.

• Allegations included illegal broadcasting, copyright violations, and online betting activities.
• The FIR estimated a loss of over ₹100 crore in revenue.
• Multiple other FIRs against Fairplay and its associates were later consolidated for investigation.

Modus Operandi: Offshore Companies & Laundering

According to the ED probe, Krish Laxmichand Shah, identified as the key mastermind, created multiple companies across global jurisdictions to operate Fairplay:

• Curacao: M/s Play Ventures N.V, M/s Dutch Antilles Management N.V
• Dubai (UAE): M/s Fair Play Sport LLC, M/s Fairplay Management DMCC
• Malta: M/s Play Ventures Holding Limited

Shah, along with associates like Anil Kumar Dadlani, allegedly managed Fairplay primarily from Dubai. The investigation found that Shah, his family, and associates acquired assets in their own names and in the names of related entities across the UAE.

Previous Action by ED

The case has been under ED’s lens for over a year with multiple enforcement steps:

With the latest attachment, the total assets seized/attached in the case now amount to ₹651.31 crore.

What Lies Ahead

The ED has confirmed that further investigation is ongoing, especially into fund flows abroad and asset acquisitions in the UAE. Officials suggest that the scale of operations indicates “proceeds of crime” running into several hundred crores.

Also Read: ED attaches Sanjay raut’s property

The post ED Attaches Assets Worth ₹307 Crore Linked to Illegal Betting App ‘Fairplay’ appeared first on Square Feat India.