OPERATION MIRCHI MONEY: ED Moves to Seize ₹700 Crore Empire of Underworld’s Real Estate KingpinMumbai Skyline, Dubai Towers in the Crosshairs

(By Syed Ali Taher Abedi)

18,5,2026 – In a sweeping enforcement action that stretches from the glittering seafronts of Worli, Mumbai to the towering skyline of Dubai, the Directorate of Enforcement (ED), Mumbai Zonal Office, has executed a provisional attachment of immovable properties aggregating to an estimated ₹700.27 Crore under the formidable provisions of the Fugitive Economic Offenders Act (FEOA), 2018 striking at the very heart of a vast criminal financial empire built over decades by the late organised crime baron, Iqbal Mohammad Memon, widely known as Iqbal Mirchi, and perpetuated through his family members and associates.

The Properties in the Crosshairs: Prime Real Estate, Laundered Origins

The provisional attachment order encompasses some of Mumbai’s most strategically located properties.

Three landmark structures situated at the upscale locality of Worli, Mumbai bearing the names Rabia Mansion, Marium Lodge, and Sea View valued collectively at approximately ₹497 Crore, now stand frozen by operation of law.

These iconic properties, long cloaked under layers of ostensible trust ownership, are alleged to be nothing more than repositories of the proceeds of organised crime.

Crossing international boundaries, the ED’s jurisdictional reach has extended to Dubai, where overseas assets valued at approximately ₹203.27 Crore have been similarly attached.

These include the Hotel Midwest Apartment, Dubai, along with 14 real estate units situated at Corporate Bay and DEC Towers, Dubai all allegedly acquired in the names of Iqbal Mirchi’s son Asif Iqbal Memon and his family members using laundered proceeds of crime.

Genesis of the Investigation: A Web of FIRs and Decades of Crime

The ED’s investigation did not emerge in a vacuum. It was set into motion on the foundation of multiple First Information Reports (FIRs) registered by the Mumbai Police, including:

• M.R.A. Marg Police Station — Cr. No. 83/1994
• Yellow gate Police Station — Cr. No. 188/1994
• Cases registered by Byculla Police Station, the Anti-Narcotics Cell, and the DCB, CID, Mumbai Police

These FIRs had arraigned the late Iqbal Mirchi under a formidable array of penal statutes the Indian Penal Code (IPC), the Arms Act, the Terrorist and Disruptive Activities (Prevention) Act (TADA), and the Narcotic Drugs and Psychotropic Substances (NDPS) Act painting the portrait of a man deeply embedded in the architecture of organised crime.

The PMLA Trail: Drug Trafficking, Extortion, and Laundered Millions

The investigation conducted under the Prevention of Money Laundering Act (PMLA) has unearthed a systematic and sophisticated scheme of criminal enrichment.

Iqbal Mirchi, the investigation reveals, was centrally involved in drug trafficking, extortion, and illegal arms activities, through which substantial proceeds of crime were generated.

These ill-gotten gains were thereafter laundered through a deliberate and calculated acquisition of properties in India and abroad, strategically registered in the names of family members, associates, and entities under his de facto control creating a labyrinthine web designed to obscure the true origins of the wealth.

The Trust That Was No Trust: A Conspiracy Before the Courts

Of particular gravity is the finding pertaining to the Sir Mohammad Yusuf Trust.

The Worli properties were ostensibly purchased by the Trust in 1986 through M/s Rockside Enterprises for a mere ₹6.50 Lakh. Though the properties remained on paper in the Trust’s name, the investigation has established that actual ownership and control remained exclusively with Iqbal Mirchi and his family.

More damning still, the investigation has disclosed that the Trust acting in concert with Iqbal Mirchi wilfully misrepresented material facts before the Court and suppressed crucial information in a calculated bid to secure the release of these very properties from earlier attachment proceedings.

This alleged conspiracy to subvert judicial process lends the matter an additional dimension of legal gravity.

The Special Court’s Declaration: Fugitives from Justice

The ED has filed a Prosecution Complaint and Supplementary Prosecution Complaint under the PMLA before the Hon’ble Special Court (PMLA), Mumbai against the principal accused.

In a landmark order dated 26th February 2021, the Hon’ble Special Court solemnly declared:

• Asif Iqbal Memon
• Junaid Iqbal Memon
• Hajra Iqbal Memon

as Fugitive Economic Offenders within the meaning and intent of the Fugitive Economic Offenders Act, 2018 a declaration that strips them of their right to defend or pursue civil claims in Indian courts and enables the State to confiscate their properties absolutely.

The Investigation Continues

The Enforcement Directorate has categorically stated that further investigation is presently underway, signalling that the full extent of the financial trails, beneficial ownerships, and cross-border money flows is yet to be unravelled.

The case stands as a testament to the State’s resolve to pursue the proceeds of organised crime across jurisdictions and generations ensuring that neither the passage of time nor the crossing of borders shall serve as a refuge for those who have sought to profit from crime at the expense of the nation.