ED raids 5 locations of UP ex-MLC in illegal sand mining case
New Delhi: The Enforcement Directorate (ED) on Wednesday carried out searches at five premises of former UP lawmaker Mohammad Iqbal and his company in the national capital and Uttar Pradesh in connection with the money laundering case in illegal sand mining case and disinvestment or sale of sugar mills in the state.
An ED official said that the financial probe agency conducted searches in five premises of AMB Buildprop Pvt Ltd, controlled by Iqbal, in Saharanpur and New Delhi.
The ED registered a case against Iqbal and his family members on the basis of the criminal complaint filed by the Serious Fraud Investigation Organisation and other FIRs registered by the Central Bureau of Investigation in illegal mining and sale or disinvestment of sugar mills.
The official said that during investigation under Prevention of Money Laundering Act, it was found that Iqbal and his family members have more than 110 companies and most of these are shell companies having no business activities.
It was also found that the funds generated through illegal mining were laundered with the help of many entry operators and CAs, and a huge conglomerate of shell companies having dummy directors with numerous bank accounts were set up, the official said, adding that the funds were ultimately used for acquisition of huge assets and closed sugar mills.
During the searches, many incriminating documents, electronic equipment and other material were seized from the premises.