The Directorate of Enforcement (ED) on Monday said it seized cash and froze bank balances and fixed deposits of a total worth of Rs 30 crore in raids at 22 locations linked to builder Lalit Tekchandani and his other associates in a money laundering case.
According to the central agency, the raids were conducted last week at 22 locations of builder Lalit Tekchandani, his partners Amit Wadhwani and Vicky Wadhwani, and other associates in a money laundering case.
“ED has carried out searches on February 7 at 22 locations in Mumbai and Navi Mumbai linked to a builder, Lalit Tekchandani under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of cheating of prospective buyers of flats. The search operation has led to seizure, freezing of cash and bank balances and FDs amounting to more than Rs. 30 Crore,” the agency said in an official statement.
The ED informed that it initiated an investigation on the basis of two FIRs registered by Taloja Police Station and Chembur Police Station under various sections of IPC, 1860.
It was alleged in the FIR that Supreme Construction and Developer Pvt Ltd, a company represented by Tekchandani and others, collected huge funds from the prospective buyers of a home in a housing project in Taloja in Navi Mumbai.
The probe revealed that the company collected huge funds more than Rs 400 Crore from more than 1700 homebuyers in a housing project in Taloja in Navi Mumbai.
Delays in the project left these homebuyers in the lurch without flat or refund, the federal agency added.
The ED stated further that the funds received from the homebuyers were siphoned off by the builder for personal gains and the creation of assets in various names, including family members.
During the course of searches conducted by the agency, cash to the tune of Rs. 27.5 lakh and incriminating documents relating to the acquisition of huge properties in various names, including family members of Tekchandani, were recovered and seized.
“Digital devices and other documentary evidence have also been seized during the course of the search operation. Details of FDs having face value of Rs. 29.73 crores was also unearthed during the search and these FD accounts held in various banks have been frozen,” the ED said in its statement.
“Further investigation is under progress,” it added.
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