They were allegedly acquired by an ex-Saharanpur MLC and others via illegitimate means
The Enforcement Directorate has attached seven sugar mills in Uttar Pradesh, currently worth over ₹1,097 crore, in connection with their acquisition allegedly by former Saharanpur MLC Mohammed Iqbal and others in 2010-11 via illegitimate means.
The mills, said to be owned by Mr. Iqbal and his family members, were sold to them at throwaway prices ₹60.28 crore through a disinvestment process. The ED’s money-laundering case is based on the investigations conducted by the Serious Fraud Investigation Office.
In 2010-11, Namrata Marketing P Limited and Giriasho Company P Limited, the entities allegedly under the control of Mr. Iqbal and his family members, had participated in the bidding process for the disinvestment of mills of the U.P. government. They acquired the seven mills through laundering of illegitimate money using shell entities, as alleged.