Zakir Naik transferred ₹49 crore without having any income: ED

Zakir Naik transferred funds which were received as donations for Islamic Research Foundation (IRF) to IRF education trust.

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Enforcement Directorate (ED) filed a charge sheet against Zakir Naik, a controversial Indian Islamic preacher, for transferring funds worth ₹49 crores which were received as donations for Islamic Research Foundation (IRF) to IRF education trust.

Zakir Naik travels around the world to deliver speeches and doesn't have any concrete source of income or business and yet was able to transfer the amount. It is alleged that he had utilised the funds for investment in properties in Mumbai and Pune by layering the funds through accounts of his close relatives.

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According to the ED, Zakir Naik further transferred the amount to bank accounts after layering it through accounts of his close relatives to his company, Harmony Media, which is directly controlled by him and his directors.

The ED claimed that total proceeds of the crime, in this case, were ₹193.06 crore. It is also alleged that this money is going to be utilised to construct an Islamic International School in Chennai. 

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