ED attaches land worth Rs 74 cr in Dehradun in PMLA case against former BSP MLC

The Lucknow zonal office of the financial probe agency had issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) to attach the immovable property. According to news agency PTI report, ED Joint Director (Lucknow) Rajeshwar Singh confirmed the development.

The ED had registered a money laundering case against Iqbal, a former MLC from Saharanpur in Uttar Pradesh and others after taking cognizance of a criminal complaint filed by the Serious Fraud Investigation Office (SFIO) and cases registered illegally by the CBI. Sand-mining and sale of sugar mills.

The Supreme Court had in 2016 directed the CBI to conduct a probe against Iqbal after a Public Interest Litigation (PIL) was filed, alleging that the former MLA was involved in corruption and money laundering.

Sugar mills sold to Iqbal and his family members at a “throwaway” price only ₹The agency had earlier said that Rs 60.28 crore through disinvestment/sale process in the year 2010-11. Uttar Pradesh was under BSP rule, with party supremo Mayawati at the helm of the government.

The ED had said that an audit conducted by the Comptroller and Auditor General (CAG) in the sale of these mills had “exposed administrative and financial discrepancies and irregularities in disinvestment”.

Describing the alleged modus operandi of money laundering, the agency said, “Large amounts of unaccounted cash were deposited in the bank accounts of Mohammad Iqbal and his family members.”

“It was immediately transferred to the account of Glocal India Industries during 2014-15 and subsequently the funds deposited in the bank accounts of Glocal India Industries were immediately transferred to further purchase of shares of BSS Associates by Glocal India Industries. was used for,” the ED had said. added.

It alleged that Iqbal and others were “not only involved in the commission of the scheduled offenses of fraud under the Companies Act, but also in such a way as to maintain a carefully designed façade for beneficial ownership of property in the form of land in Dehradun.” of staged transactions.”

“In addition to the cash deposits, the tainted money was used by Glocal India Industries to buy the shares of BSS Associates, apart from the cash deposits.

ED had earlier attached 7 sugar mills in Uttar Pradesh ₹1,097 crore in this case. The agency later took over these mills.

(with PTI input)