Anis is known to be involved in narcotics trafficking, extortion, contract killings, and money laundering on behalf of D Company. He is also accused of involvement in the 1993 Mumbai blasts.
The Treasury also targeted Mehran Paper Mill, a Pakistan-based paper company owned or controlled by Ibrahim. Bilakhia works directly for Anis and Dawood and manages extortion, enforcement, and debt collection activities for D Company.
Bilakhia has been involved with D Company since at least the 1993 Mumbai bombings, for which he is wanted by Indian authorities, the Treasury said in a statement.
The United States and India in a joint statement after the September 30 meeting between Prime Minister Narendra Modi and Obama had pledged co-operation in curbing the activities of the Pakistan-based Dawood Ibrahim, who runs a criminal network in South Asia.
"Today, the United States is targeting D Company, a violent organisation notorious for its drug trafficking activities and terrorism," said Adam J Szubin, Director of the Office of Foreign Assets Control.
"Combatting transnational organised crime is a top US priority, and we will continue to expose the activities of D Company and the underpinnings of criminal financial networks worldwide," he added.
According to the Department of Treasury, D Company is a transnational crime syndicate that principally operates in India, Pakistan, and the United Arab Emirates.
D Company is involved in a variety of criminal activities, including narcotics trafficking, extortion, smuggling, and contract killings.
Dawood Ibrahim and other leaders of D Company are the subjects of Interpol Red Notices for their suspected involvement in the 1993 terrorist bombings in Mumbai, India in which 257 people were killed.
In October 2003, the Treasury Department named Dawood Ibrahim as a Specially Designated Global Terrorist, and in June 2006, the United States named both Dawood Ibrahim and D Company as Significant Foreign Narcotics Traffickers pursuant to the Kingpin Act.
Additionally, in May 2012, Treasury designated two senior D Company lieutenants, Chhota Shakeel and Ibrahim 'Tiger' Memon, under the Kingpin Act.