Memon, also a suspect in the 1993 Mumbai attacks, had sought refuge in London after the blasts and attempts to extradite him to India had failed. He sought refuge in London after the 1993 Mumbai attacks. India has tried to extradite him but in vain.
Memon held at least 11 company directorships in tiling, construction and lettings firms in the UK before he died in 2013 after suffering a heart attack. He had consistently denied his involvement in Ibrahim's cartel.
The financial sanctions in the UK prohibit the transfer of funds to a sanctioned country and target asset freezes on individuals.
Individuals who are caught or suspected in any involvement in bribery or corruption with unaccounted wealth should give a genuine explanation on the source of the property, else they will be heavily fined or sent to jail or both.
According to the UK government's estimates, about 90 billion pounds in unaccounted wealth is laundered in the country every year. (ANI)