Money Laundering Case: court Rejects Petition by Nawab Malik’s Family Company
Court Decision
A special court in mumbai has rejected the petition filed by Solidus Investments Pvt Ltd, a real estate company run by the family of former maharashtra minister Nawab Malik.
The company had sought discharge from a money laundering case, claiming the Enforcement Directorate’s (ED) case was based on “conjecture and speculation.”
Special Judge Satyanarayan Navandar, who handles cases against MPs and MLAs, dismissed the plea on november 11, stating that there is sufficient evidence to frame charges.
Allegations and Accused
The case involves nawab malik and his family-run firms — Solidus Investments Pvt Ltd and Malik Infrastructure.
The allegations link them to the money laundering activities of fugitive gangster dawood ibrahim and his associates.
The ED alleges Malik and others, including Haseena Parkar, Salim Patel, and Sardar Khan, participated in laundering illegally acquired properties, which constitute proceeds of crime.
Court Observations
The court noted that properties connected to the case have been seized under the Prevention of Money Laundering Act (PMLA).
It further observed that rent collected through the two Malik family companies falls under the category of proceeds of crime.
According to the order, the evidence on record establishes a prima facie case sufficient to proceed with framing charges against the accused.
Background of the Case
The ED’s money laundering case is based on an FIR filed by the National Investigation Agency (NIA) against dawood ibrahim and his associates under the Unlawful Activities (Prevention) Act (UAPA).
Nawab Malik was arrested by the ED in february 2022 in connection with the case.
He is currently out on bail, but the court’s latest order paves the way for formal charges to be framed against him and the involved companies.
Disclaimer:
The information contained in this article is for general informational purposes only. While we strive to ensure accuracy, we make no warranties or representations of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the content. Any reliance you place on the information is strictly at your own risk. The views, opinions, or claims expressed in this article are those of the author and do not necessarily reflect the official policy or position of any organization mentioned. We disclaim any liability for any loss or damage arising directly or indirectly from the use of this article.
click and follow Indiaherald WhatsApp channel