ED attaches assets worth ₹12.44 crore in Red Sanders smuggling case | Representational Image
Mumbai: The Enforcement Directorate (ED) in Mumbai has provisionally attached immovable properties worth Rs 12.44 Crore belonging to Red Sanders smuggling case accused Badshah Majid Malik, Chandrakant Mohan Bhansali and Dharmesh Rao under the provisions of Prevention of Money Laundering Act (PMLA), 2002, ED said on Thursday.
The total worth of the attachment of immovable properties in the case has now reached worth Rs 72.45 crore in the money laundering case.
The ED initiated its investigation following a Prosecution Complaint (PC) filed by the Directorate of Revenue Intelligence (DRI) against 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 located in Special Economic Zones (SEZ) to facilitate the illicit trade.
Earlier, a search operation was conducted by ED at the residence of Badshah Majid Malik, Vijay Subbanna Poojary and others in December 2021.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 December 21, 2021.
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, ED has stated.
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 his associates, the agency has stated in a statement.
