ED had arrested Malik on allegations that he had allegedly purchased a property at a rate lower than market value from Dawood.
Malik was allegedly picked up from his residence at 7 am on February 23 for interrogation after he was made to sign the summons issued to him by ED.
After interrogation for over 8 hours, Malik was arrested and taken for medical examination.
From there, he was produced before Special Judge under Prevention of Money Laundering Act (PMLA) who remanded him to 8-day custody.
Special Judge RN Rokade while remanding him to custody reasoned that sufficient time would be required to investigate proceeds of crime which traversed over the last 20 years.
The judge had also observed that the allegations against Malik were prima facie well-founded.