Jaffer Sadiq used drug money to support movie, real estate biz

Chennai: Jaffer Sadiq, arrested by Narcotics Control Bureau for smuggling pseudoephedrine abroad, routed the proceeds of the crime through various other businesses such as film production, real estate, logistics, and hospitality, Enforcement Directorate said in prosecution complaint submitted before the court.The complaint, filed before the eighth additional CBI court on Oct 10 and taken into cognizance on Oct 18, has 19 people arraigned as accused, apart from Jaffer Sadiq, the mastermind. But only Jaffer Sadiq and his brother Saleem are currently in judicial custody."More than 30 crore cash deposits were discovered across various entities controlled by Jaffer Sadiq and his associates. This cash, allegedly generated from narcotics trade, was channelled into film production under the JSM Pictures banner using the financiers. Substantial cash payments were also made to actors, directors, and support staff in the Tamil movie industry," said ED.Jaffer Sadiq was arrested by NCB in Feb after a godown with 50kg of pseudoephedrine was busted in Delhi. ED joined the probe to investigate the money laundering angle. On Sept 2, ED provisionally attached assets worth 55.30 crore belonging to Jaffer Sadiq and associates. This includes 14 immovable properties including the JSM Residency Hotel and a luxurious bungalow, and seven high-end vehicles acquired through criminal activities.