The Enforcement Directorate Lucknow Zonal Office has temporarily attached immovable properties worth Rs 995.75 crore in the case related to fake disinvestment of closed sugar mills in Uttar Pradesh under money laundering. These properties include three closed sugar mills, including open plots, buildings and machinery. These properties are named after Mallo Infratech Private Limited, Dynamic Sugars Private Limited and Honeywell Sugars Private Limited, which are controlled by former MLC Mohammad Iqbal. These sugar mills are located in Baitalpur, Bhatni and Shahganj in Uttar Pradesh.

The ED launched this investigation on the basis of an FIR lodged by the Central Bureau of Investigation. The FIR alleges that Mohammad Iqbal and his colleagues wrongly acquired several sugar mills through a rigging disinvestment process.

The investigation revealed major irregularities, including the assessment of properties much less than the actual value and making the bidding process non-intelligent. According to the ED, the market price of these sugar mills was far higher. But they were sold at very low prices.

The ED investigation also revealed that illegal money was used to buy these sugar mills, which was V.K. The Health Solutions Private Limited was taken as an unsecured loan through benami companies and then diverted through several shell companies.

Apart from this, these sugar mills and their land were purchased through Special Purpose Vehicles (SPVS) i.e. special objective companies – Mallo Infratech Private Limited, Dynamic Sugars Private Limited and Honeywell Sugars Private Limited. The share holding of these companies was later transferred strategically, causing control of Mohammad Iqbal and his close associates and family members.

The ED has traced the property of crime related to this fake disinvestment and has now attached immovable properties worth Rs 995.75 crore. According to the ED, further investigation in this case is going on.

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