Ex-UP MLC's assets worth ₹ 4,440 crore attached in money laundering case
- In Reports
- 02:25 PM, Jun 15, 2024
- Myind Staff
ED announced that it has seized a university building and land in Saharanpur, valued at ₹4,440 crore, as part of a money laundering investigation involving former Uttar Pradesh BSP MLC Mohammed Iqbal and his family, who are currently absconding.
The federal probe agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), freezing 121 acres of land and the building belonging to Glocal University. These properties are registered under the Abdul Waheed Educational and Charitable Trust, which the ED stated is under the control and management of Mohammed Iqbal and his family members.
According to the ED’s statement, the university's assets were allegedly acquired using illicit funds and are now subject to legal action as part of efforts to clamp down on financial wrongdoing.
ED has initiated action against Mohammed Iqbal, his family members, and the Abdul Waheed Educational and Charitable Trust in connection with an illegal mining case. According to the ED, Mohammed Iqbal, a former BSP MLC, is currently evading authorities and is believed to be residing in Dubai.
The ED has mentioned that Mohammed Iqbal's four sons and his brother are currently incarcerated in multiple cases filed against them. These legal proceedings are part of a broader investigation into alleged irregularities concerning the renewal of sand mining leases in Saharanpur district, Uttar Pradesh.
The money laundering case originated from a FIR filed by the CBI in Delhi, which is investigating the suspected illegal renewal of mining leases. The investigation targets several mining lease holders, government officials, and unidentified individuals involved in the alleged misconduct.
The Enforcement Directorate has revealed that all mining operations in Saharanpur and neighbouring areas were controlled by entities associated with the Mohd Iqbal group. According to the ED, these firms were extensively involved in illicit mining activities.
Despite reporting modest earnings in their income tax returns (ITRs), significant transactions amounting to crores of rupees occurred between Mohd Iqbal's mining companies and other group entities, lacking any genuine business rationale, the agency stated.
The ED alleged that these funds were channelled through fictitious transactions involving sham entities and unsecured loans, ultimately funnelled into the bank accounts of the Abdul Waheed Educational and Charitable Trust. The trust's funds were purportedly used to acquire land and construct buildings for Glocal University in Saharanpur.
The agency further disclosed that over ₹500 crore, obtained from illegal mining activities, was reportedly utilised for purchasing land and constructing university buildings. The current market valuation of these properties, comprising both land and structures, is estimated at ₹4,439 crore, as per the ED's findings.
Image source: PTI
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