The Aryavarth Express
Agency (New Delhi): The Enforcement Directorate (ED) made a significant move on Monday by seizing assets worth Rs 30 crore, including cash, bank balances, and fixed deposits. This action was part of raids at 22 locations linked to builder Lalit Tekchandani and his associates in a money laundering case.
These raids, conducted last week in Mumbai and Navi Mumbai, targeted Lalit Tekchandani, his partners Amit Wadhwani and Vicky Wadhwani, and other associates. The ED’s operation was under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, related to a case of cheating prospective flat buyers.
The investigation by the ED was initiated based on two FIRs registered at Taloja Police Station and Chembur Police Station under various sections of the Indian Penal Code, 1860. The FIRs allege that Supreme Construction and Developer Pvt Ltd, represented by Tekchandani and others, amassed over Rs 400 Crore from more than 1700 homebuyers for a housing project in Taloja, Navi Mumbai. However, delays in the project left these homebuyers without flats or refunds.
The probe uncovered that the funds collected from homebuyers were diverted for personal gains and asset creation by the builder in various names, including those of family members.
During the search operations, the ED seized cash amounting to Rs. 27.5 lakh and incriminating documents related to the acquisition of substantial properties in various names. Digital devices and other documentary evidence were also recovered. The agency discovered fixed deposit accounts with a face value of Rs. 29.73 crores, which have been frozen.
The ED’s statement concludes with the note that further investigation is ongoing, indicating the depth and potential expansion of this case.