Mumbai’s Enforcement Directorate (ED) has seized real estate worth Rs 12.44 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, of accused Badshah Majid Malik, Chandrakant Mohan Bhansali and Dharmesh Rao in the red sander smuggling case. said Thursday.
The total value of immovable properties involved in the money laundering case has now reached Rs 72.45 crore.
The ED had initiated an investigation against Badshah Majid Malik, Vijay Subbanna Pujari and others for the offense of smuggling red sanders under various sections of the Customs Act, 1962, based on a prosecution complaint (PC) filed by the Directorate of Revenue Intelligence (DRI). Documents of companies located in SEZ zone under the guise of consignment of fabric glue/radiator/various colors by submitting fake.
Earlier in December 2021, the ED conducted a search operation at the residences of Badshah Majeed Malik, Vijay Subbanna Pujari and others.
During the search operation, various incriminating documents were discovered which established the modus operandi used by Badshah Majid Malik in smuggling Red Sanders.
Badshah Majid Malik was arrested by the ED on 21 December 2021. Investigations by the agency revealed that Badshah Majeed Malik was involved in smuggling activities from 2008 to 2010 and 2014 to 2015 and earned a crime (POC) worth Rs 94 crore. ED said.
For the purpose of laundering POC, he set up a company named Empire India Multi Trade Pvt Ltd and collected share capital from several bogus/shell companies in lieu of cash. After that, Badshah Majid Malik and his associates purchased real estate through the said company, the agency said.