ED provisionally attaches assets worth ₹4 crore in Mumbai money laundering case

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ED attaches assets worth ₹4 crore

Highlights

The Enforcement Directorate provisionally attached assets worth ₹4 crore in Mumbai under the Prevention of Money Laundering Act, 2002.
The ED alleged that Shabbir and Yusuf Karolia illegally acquired an immovable property known as the Lambat Building using forged documents.
The attachment order covering the bank accounts and property of Aslam Patni and other accused followed allegations of extortion and making property appear legitimate.

This article was translated from the original. Read the original version by our correspondent here.

Background to the investigation and scope of the attachment

According to the Enforcement Directorate, its Mumbai Zonal Office made the provisional attachment under the Prevention of Money Laundering Act, 2002. The agency says the investigation began on the basis of an FIR registered at Dadar Police Station, which was later investigated by the Anti-Extortion Cell of the Mumbai Police Crime Branch.

The FIR includes allegations of criminal conspiracy, cheating, criminal breach of trust, forgery and the use of forged documents. The ED said the attached assets comprise funds held in bank accounts and an immovable property, with a total estimated value of ₹4 crore.

Allegations' impact on ownership of the Lambat Building

The investigation has revealed that the accused, including Shabbir Ahmed Hasan Karolia and Yusuf Ahmed Hasan Karolia, allegedly conspired to illegally acquire an immovable property known as the Lambat Building by impersonating its original owner and preparing forged documents, including a conveyance deed. According to the agency, in 2019 Aslam Abdul Rahman Patni allegedly obtained the 50% shareholding of Yasmin Mohammad Ahmed and the late Sherzada Jangrez Khan through threats and coercion.

The ED alleges that the original owners were deprived of their shares without any payment. The property was then allegedly transferred from Aslam Patni to Shazia Salim Iqbal Qureshi, wife of Salim Fruit, so that ownership of the property would remain in her family’s name. The agency says these successive transactions were structured to make property allegedly obtained through extortion and coercion appear to have been transferred legitimately. The property, along with the bank balances of other accused, has now been provisionally attached.

Our earlier report on the ED’s provisional attachment in the alleged money laundering case involving Ocean Seven Buildtech Private Limited (OSBPL) reported that the agency had attached movable and immovable assets worth ₹136.42 crore, as well as bank balances, belonging to the company, its promoter Swaraj Singh Yadav and related parties. According to the report, the investigation focused on the alleged misuse of funds collected from buyers, the failure to develop projects and the transfer of assets after the FIR was filed, while the total value of assets attached in the case had risen to around ₹188 crore.

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