Mumbai: The Enforcement Directorate (ED) has seized a prime property in South Mumbai, valued at approximately Rs 847 crore, linked to the late Iqbal Mirchi, a key associate of underworld don Dawood Ibrahim. The property, located at New Roshan Talkies on Patthe Bapurao Marg in Girgaon, was confiscated under the Prevention of Money Laundering Act (PMLA).
The ED took physical possession of the property in December 2024, invoking Section 8(4) of the PMLA. This action followed an Appellate Tribunal order after intelligence revealed attempts to sell the property to a third party. Officials ensured the property was vacated and secured to prevent further illegal encroachments or transactions.
The Girgaon property, New Roshan Talkies, was historically a cinema hall and was purchased by Iqbal Mirchi using proceeds from illegal activities, including drug trafficking and money laundering. It was later converted into a real estate investment to launder illicit funds.
According to the ED, Mirchi and his associates used shell companies and benami transactions to acquire properties in prime locations, including this one.
The ED investigation revealed that Mirchi’s sons, Asif and Junaid Memon, played key roles in managing and expanding their father’s illicit operations. Operating from Dubai and the UK, they were allegedly the owners of the property.
After Iqbal Mirchi’s death, these properties were transferred to the names of his sons, Junaid Iqbal Memon and Asif Iqbal Memon, as well as his wife, Hajra Iqbal Memon, through gift deeds, the probe revealed.
The New Roshan Talkies property is one of several high-value assets attached by the ED as part of its crackdown on Iqbal Mirchi’s criminal empire. Other seized properties include residential flats, commercial spaces, and land parcels in South Mumbai, Worli, and Bandra, all allegedly purchased using proceeds of crime.
