New Delhi, December 6
Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs. 12.44 crore belonging to accused namely Badshah Majid Malik, Chandrakant Mohan Bhansali and Dharmesh Rao under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
ED initiated investigation on the basis of Prosecution Complaint (PC) filed by the Directorate of Revenue Intelligence (DRI) against Badshah Majid Malik, Vijay Subbanna Poojary and others for offences committed under various section of Customs Act, 1962 for smuggling of Red Sanders in the guise of consignments of Fabric Glue/Radiators/Assorted Colours by submitting forged documents of the companies situated at SEZ Zones.
Earlier, a search operation dated 20.12.2021 was conducted by ED at the residence of Badshah Majid Malik, Vijay Subbanna Poojary and others. During the course of search action, various incriminating documents were unearthed which established the modus employed by Badshah Majid Malik in smuggling of Red Sanders. Badshah Majid Malik was arrested by ED on 21.12.2021. ED had already attached properties worth Rs 72.45 Crore.
ED investigation revealed that Badshah Majid Malik was engaged in smuggling activities from 2008 to 2010 and 2014 to 2015 and generated Proceeds of Crime (POC) worth Rs. 94 Crore.
The officials said that for the purposes of laundering the POC, he established one company by the name of Empire India Multi Trade Pvt Ltd and through accommodation entries, infused share capital from multiple bogus/shell companies in lieu of cash. Thereafter through this company, number of immovable properties were purchased by Badshah Majid Malik and others.
