The Enforcement Directorate (ED) has taken a significant step in its money laundering probe by attaching properties worth ₹4,440 crore belonging to former Uttar Pradesh BSP MLC Mohammed Iqbal and his family. The assets, comprising 121 acres of land and a building housing Glocal University in Saharanpur, have been frozen under the provisions of the Prevention of Money Laundering Act (PMLA).
According to the ED, these properties are registered under the Abdul Waheed Educational and Charitable Trust, which is allegedly controlled and managed by Mohammed Iqbal and his family members. The probe agency asserted that Mr. Iqbal, currently absconding and believed to be in Dubai, faces charges related to illegal mining activities.
The ED’s action follows from a CBI FIR filed in Delhi concerning the alleged illegal renewal of sand mining leases in Saharanpur district. The investigation implicates several mining lease holders, government officials, and unidentified individuals. All mining operations involved were purportedly owned and operated by entities linked to Mr. Iqbal.
Despite purportedly minimal earnings as declared in income tax returns, substantial transactions amounting to crores of rupees were detected between Mr. Iqbal’s mining firms and his group companies, allegedly through fictitious entities and dubious transactions. These funds were reportedly laundered through the Abdul Waheed Trust via unsecured loans and purported donations.
The ED further disclosed that more than ₹500 crore, proceeds from illegal mining activities, were purportedly funneled into land acquisitions and construction for Glocal University. The current market valuation of these assets stands at ₹4,439 crore, encompassing the land and buildings.
Mr. Iqbal’s four sons and brother are already in custody, facing multiple charges linked to the cases. The ED’s provisional attachment of the properties underscores its efforts to curb illicit financial activities and hold accountable those involved in financial malfeasance and illegal mining operations.
The unfolding legal proceedings highlight the complexities of financial crimes and the regulatory efforts aimed at addressing them. The ED continues its investigation into the matter, with implications extending across legal jurisdictions as it pursues justice and asset recovery.
