The present study examines the effect of Fe/Al concentration on the structural and magnetic properties of Mn-rich Mn50Fe25+xAl25-x (x = 5, 10, 15) Heusler alloys through x-ray diffraction, temperature- and field-dependent DC magnetization, thermoremanent magnetization, magnetic memory effect, AC susceptibility measurements, and DFT calculations. The samples crystallize in a cubic β-Mn structure. The trend shows a reduction in lattice parameters (unit cell volume) with the increasing Fe proportion. These alloys exhibit strong antiferromagnetic interactions with large frustration parameters, indicating the presence of competing magnetic interactions. The DC magnetization data reveal spin glass-like features with a peak at spin glass freezing temperature (Tf). The observation of bifurcation in temperature-dependent zero-field-cooled and field-cooled magnetization curves, exponential dependence of the temperature variation of remanence and coercivity, magnetic relaxation, and magnetic memory effect below Tf support the spin-glass character of these alloys. The frequency dependence of Tf is also examined in the context of dynamic scaling laws, such as the Vogel-Fulcher law and critical slowing down model, which further supports the presence of spin glass behavior. In the theoretical DFT calculations, the electronic structure is found to be metallic and similar for both spin projections. Moreover, the antiferromagnetic arrangement of the magnetic moments, in line with the experimental observations, is stabilized by exchange interactions, resulting in an almost compensated total magnetic moment of 0.02-0.38µB/f.u. This is probably caused by the frustrated structure and non-stoichiometric compositions of Mn50Fe25+xAl25-x.