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The assets attached by the ED included three residential houses at Gupkar Road in Srinagar, Tanmarg and Sunjwan village and Lands owned by the former CM at four different places in Jammu and Kashmir.
The ED has also said in its statement that the residential property attached in Sunjwan was constructed after grabbing state and forest land.
Refuting to the seizures by the investigation agency, National Conference leader and former CM of the state Omar Abdullah, said there can be no justification for the action.
"They fail the very basic test of having been acquired as the proceeds of the ‘crime’ being investigated," he tweeted.
He also said that the properties are largely ancestral, dating from the 1970s. The most recent one among these was built before 2003.
ED which has been investigating the matter under the Prevention of Money Laundering Act revealed that between the years 2005-06 to 2012, the Jammu and Kashmir Cricket Association received funding totaling Rs 109.78 crore from the Board of Cricket Control in India (BCCI).
Meanwhile an official statement from Nation Conference termed the action by ED as "political vendetta" and an attempt to "silence the leadership and dissuade it from voicing support to political aspirations of the people".
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According to the investigating agency, Farooq Abdullah allegedly took advantage of his position as the president of the JKCA by making illegal appointments and gave them financial powers in order to launder JKCA’s funds.
The investigation in the money laundering case also revealed that the former CM ‘was instrumental as well as the beneficiary of the laundered funds of JKCA.’
"Despite existing regular bank account of JKCA, six new bank accounts were opened for parking of JKCA Funds and siphoning of the same. One dormant bank account in the name of Kashmir Wing of JKCA was also made operational for the same purpose," the statement from the central agency further said.
The matter opened up when Manzoor Wazir former treasurer of the JKCA in 2012, filed a complaint with the J and K police against former general secretary Mohammad Saleem Khan and former treasurer Ahsan Mirza.
Farooq Abdullah following the complaint of Wazir, in which he listed 50 names for an alleged financial scam, lost his post as the JKCA President which he enjoyed for more than 30 years.