The Aryavarth Express
Agency(Mumbai): The Directorate of Enforcement (ED), Mumbai, has taken decisive action against Vijay Machinder, Director of M/s Ornate Spaces Pvt. Ltd., and his family members, in a significant money laundering case. Under the Prevention of Money Laundering Act (PMLA), 2002, the ED has provisionally attached immovable assets, including various flats in Mumbai valued at Rs.7.04 Crore, belonging to Machinder and his relatives.
The investigation was launched following a complaint registered by the Oshiwara Police Station against Machinder. It is alleged that between 2012 and 2019, he misappropriated funds collected from prospective homeowners for flat bookings in the Oshiwara Project, defrauding buyers of approximately Rs.74 Crore by breaching their trust.
M/s Ornate Spaces Pvt. Ltd. had entered into a development agreement in 2010 for a plot initially allocated to employees of United Trust of India by MHADA. Machinder began accepting advance bookings and loans from financial institutions against the saleable area of the Oshiwara Project from 2012 onwards. Despite collecting around Rs.93.44 Crore from buyers for flat bookings and availing loans amounting to Rs.710 Crore—of which approximately Rs.470 Crore remains outstanding—the project has seen no progress beyond the excavation stage.
Vijay Machinder was arrested on 3rd January 2024 under the PMLA, 2002, for his involvement in the fraudulent scheme related to the Oshiwara Project and is currently under the judicial custody of the Honorable PMLA Court in Mumbai.
The ED’s actions represent a significant step in addressing fraud in the real estate sector, ensuring that those who exploit buyers’ trust are held accountable. The ongoing investigation aims to uncover the full extent of the fraud and safeguard the interests of defrauded buyers.
