Mumbai, Feb 16 (IANS) The Directorate of Enforcement’s (ED) Mumbai Zone has provisionally attached seven immovable properties, including flats in Mumbai, valued at approximately Rs 5.88 crore in connection with an NDPS-related money laundering case, an official statement said on Monday.
The properties of those attached under the provisions of the Prevention of Money Laundering Act (PMLA) include Faisal Shaikh, Alfiya Shaikh and others.
The investigation was initiated based on a complaint filed by the NCB, Mumbai, under various sections of the NDPS Act. It revealed that Faisal Shaikh, one of the main accused, allegedly procured the prohibited drug Mephedrone (MD) from Salim Dola, a notorious drug kingpin.
According to the ED, Faisal Shaikh and his wife, Alfiya, had established a well-organised network for the sale of MD. They allegedly supplied the drug to Samiya Khan, Nasir Yasin Khan, Azim Abu Salim Khan alias Azim Bhau and others, who in turn distributed it to retail customers.
The probe found that Faisal and Alfiya Shaikh deposited cash generated from the illegal drug trade into their personal bank accounts to project it as legitimate income.
The accused also allegedly used firms opened in their own names and in the names of associates to integrate the proceeds of crime, despite these entities having no genuine business activities, the ED said.
Further investigation revealed that cash proceeds from drug sales were handed over to close associates, including Faizan Mohd Shafi Shaikh. Through his proprietorship concern, M/s Faiz Impex, Mumbai, and with the help of other associates, the funds were routed through multiple bank accounts, including those of shell companies, to layer and conceal the money trail.
Part of the laundered funds was allegedly diverted back into the bank accounts of the main accused and their family members, associates and subsequently utilised for the purchase of immovable properties.
Earlier, on October 8 last year, the ED conducted search operations under the PMLA, during which cash worth Rs 42 lakh, jewellery weighing 1.6 kg valued at around Rs 1.76 crore, three second-hand luxury vehicles worth about Rs 56 lakh, and 12 bank accounts of the accused were seized or frozen.
The ED said the money trail established by Faisal and Alfiya Shaikh has been mapped in a flow chart. Further investigation is underway.
–IANS
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