A special court designated under the Prevention of Money Laundering Act (PMLA) on Thursday rejected bail to late drug-lord Iqbal Memon alias Mirchi’s close aide Humayun Merchant in the money laundering case pertaining to three Worli properties of Mirchi.
Merchant was arrested on October 22 last year by the Enforcement Directorate for allegedly playing a crucial role in the money laundering act for three buildings situated in the prime area of Worli Seaface, measuring over 4,970 sq mts, which were acquired by Mirchi through illegal activities like drug smuggling.
This was Merchant’s second bail plea to be rejected by Special Judge under the PMLA Prashant Rajvaidya. Opposing this second bail plea, the ED had told court that Merchant had become a party in transactions with shell companies claiming to be tenant in these buildings and facilitated transactions, hiding the criminal origin of the properties. The agency alleged that Merchant was a close friend of Mirchi’s and acted as his frontman in illegal dealings.
The agency had also said that Merchant had been evading the law for long and may abscond if granted bail. He might also tip off suspected persons to evade investigation, the agency told court, as he was now aware of the direction the investigation is taking.
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