Money-laundering case: ED attaches land worth Rs 75-crore linked to Ex Shaharanpur MLC
The Enforcement Directorate (ED) has attached land worth Rs 74 crore, owned by former Member of Legislative Council (MLC) Saharanpur Mohd Iqbal and his family members, situated in Uttarakhand's Dehradun, in connection with its ongoing money-laundering probe.
The ED initiated a probe on the basis of an investigation conducted by the Serious Fraud Investigation Office (SFIO), under Ministry of Corporate Affairs relating to the acquisition of assets through illegitimate means in 2010-2011 by Mohd Iqbal and others.
Namrata Marketing Pvt Ltd and Giriasho Company Pvt Ltd, shell companies under the control of Mohd Iqbal and family members, participated in the bidding process of disinvestment of sugar mills of the Uttar Pradesh government during 2010-11.
The companies acquired seven sugar mills across the state through the laundering of illegitimate money through various shell companies having dummy directors and sham transactions, ED said.
"These seven sugar mills were attached under Prevention of Money Laundering Act (PMLA) earlier in March 2021," said the federal agency, adding "ED has taken possession of all these seven sugar mills for further proceedings under PMLA".
In continuation of investigations, earlier ED had also conducted search operations in premises relating to Mohd Iqbal in Saharanpur and Delhi.
Under PMLA investigations, the ED said, it has been found that Mohd Iqbal and his family members acquired land at Saharanpur in the name of the company BSS Associates in 2015 through staged transactions and commission of the offence of fraud under the Companies Act.
"The modus operandi involved was that in the first stage, huge unaccounted cash deposits were made into the bank accounts of Mohd Iqbal and his family members," ED said.
The cash was immediately transferred to the account of Glocal India Industries during 2014-15, the agency said.
The officials further stated that Mohd Iqbal and others were not only indulged in the commission of scheduled offences of fraud under the Companies Act but also staged such transactions to maintain a carefully designed facade to beneficially own asset in the form of land at Dehradun.
"Apart from cash deposits, entries from shell companies were also used for infusion of tainted money to purchase the shares of BSS Associates by Glocal India Industries," the ED added.
(ANI)
