ED Seeks Permanent Seizure of Properties Linked to Fugitive Drug Dealer Iqbal Memon
The Enforcement Directorate has filed a petition to permanently seize properties worth ₹700 crore associated with the late drug trafficker Iqbal Memon and his family. This includes significant assets in Mumbai and Dubai. The ED alleges that the family misrepresented ownership through trusts and corporate entities. The case has international implications, and the court proceedings are set to continue. The ED's investigation traces back to 1986, revealing complex ownership structures and significant valuations of the properties involved. Stay tuned for further updates on this high-profile case.
| Mar 6, 2026, 11:24 IST
ED's Petition for Asset Seizure
The Enforcement Directorate (ED) has recently filed a petition in a special PMLA court under the Fugitive Economic Offenders Act (FEO), aiming to permanently seize assets worth approximately ₹700 crore linked to the deceased drug trafficker Iqbal Memon and his family. The petition includes properties located in Worli, such as Rabia Mansion, Mariam Lodge, and Sea View Properties, along with around 15 properties in Dubai, which feature the Hotel Midwest Apartments in Bur Dubai and over a dozen commercial and residential units in Business Bay and DEC Towers.
Allegations Against Memon's Family
The ED alleges that the family acted as the actual owners of these properties by utilizing trust entities in India and corporate holdings in Dubai, presenting tainted assets as legitimate. According to the ED's petition, the fugitive has refused to return to India and has already been declared a fugitive economic offender. The case carries international implications, and as stated by the Supreme Court, economic crimes are serious and must be treated with utmost gravity. The ED is requesting strict action against the accused and an order for asset seizure.
Court Proceedings and Historical Context
In 2021, the court had declared Memon's wife Hazra and sons Asif and Junaid as fugitive economic offenders under the FEO Act for not returning to India despite being summoned in a money laundering case. Under this act, the court has the authority to order asset seizures. On Wednesday, the court heard arguments from the ED's special public prosecutor, Sunil Gonsalves, regarding the petition. The arguments will continue on April 7.
Historical Findings by ED
Tracing the history back to 1986, the ED discovered that Memon originally acquired the Worli land from the Sir Mohammed Yusuf Trust through a partnership firm for ₹6.5 lakh. To evade government confiscation, a 'caretaker agreement' was allegedly created in 1991, allowing the trust to appear as the owner while Memon retained actual control. Currently, these plots, covering approximately 5,000 square meters, are valued at ₹497 crore. The ED also pointed out properties from which money was sent to Dubai, including the Hotel Midwest Apartments in Bur Dubai, valued at AED 9.3 crore (around ₹233 crore), with ownership divided among family members. Junaid and Asif each hold a 40% stake, while Hazra owns the remaining 20%.