Mumbai: ED Takes Over Property Of Late Iqbal Mirchi, Close Aide Of Dawood Ibrahim

Mumbai: The Enforcement Directorate (ED) has taken physical possession of land in South Mumbai's Grant Road East, where the now-demolished and encroached New Roshan Talkies once stood, belonging to the family of the late alleged narcotics trafficker Iqbal Mirchi, a close associate of underworld don Dawood Ibrahim.

This action is part of an ongoing money-laundering investigation into Mirchi's assets. The property, located on Patthe Bapurao Marg in Girgaon, was seized under the Prevention of Money Laundering Act (PMLA) and is estimated to be worth Rs 847 crore.

In December 2024, the ED secured the property under Section 8(4) of the PMLA, following an order from the Appellate Tribunal. This step was taken after intelligence indicated attempts to sell the property to a third party. The ED made sure the site was cleared and secured to prevent any further unauthorized activities.

When an ED team, accompanied by a Central Reserve Police Force (CRPF) armed squad, recently visited the site to take possession of the property, they found the dilapidated single-screen cinema hall had been demolished, according to agency sources. A person associated with the Mirchi family informed the investigation agency that he owned the cinema hall and had demolished the structure after obtaining permission from the Brihanmumbai Municipal Corporation (BMC).

The ED is now contemplating legal action against those involved in the demolition of the cinema hall, which was part of the attached property.

In October 2020, the ED had provisionally attached seven immovable properties, including the then 90-year-old New Roshan Talkies, and seven bank funds, in all worth Rs 22.42 crore, as part of its probe, taking the total of provisionally attached assets to around Rs 798 crore.

Details On New Roshan Talkies Purchase

New Roshan Talkies, originally a cinema hall, was purchased by Mirchi with money from illegal activities like drug trafficking and money laundering, later converted into a real estate investment to launder his illicit gains. The ED's probe revealed Mirchi's use of shell companies and benami transactions to acquire prime real estate, including this property.

The ED began its money-laundering investigation against Mirchi and his associates in 2019, which resulted in the attachment of several of his properties the following year. Despite the attachment being confirmed by the PMLA adjudicating authority, Mirchi’s family obtained a stay on the possession from the appellate tribunal, delaying the process.

After Mirchi's death in 2013, his assets were transferred to his family via gift deeds. The ED's investigation disclosed that his sons, Junaid and Asif Memon, and his wife, Hajra Memon, were key players in running and expanding his criminal activities. In February 2021, a PMLA court labeled them as fugitive economic offenders, leading to the confiscation of their assets.

Published on: Tuesday, January 07, 2025, 08:26 AM IST