Mumbai, April 10: The Enforcement Directorate (ED) has claimed that promoters and key managerial personnel of the Kamla Landmarc Group of Companies set up 120 entities to allegedly launder Rs 408 crore.
Court takes cognisance of ED complaint
A special PMLA court on Friday took cognisance of the prosecution complaint submitted by the ED last year against 12 accused. The accused include Jitendra R Jain, Jinendra R Jain, Ketan Shah, Parvath Shetty, and companies associated with the group.
Allegations of complex financial network
The ED alleged that the accused created a complex web of interlinked business entities.
Jitendra, Jinendra, Shah, and others allegedly incorporated 120 entities of the Kamla Landmarc Group and were actively involved in rotating proceeds of crime through these entities, ED prosecutor Sunil Gonsalves argued.
The agency claimed that Jitendra opened multiple bank accounts in the names of these companies and siphoned off the proceeds of crime.
Fraud involving investors and lenders
The accused, acting in connivance and with premeditated intent, allegedly defrauded hundreds of flat purchasers, individual investors, and institutional lenders, including banks and NBFCs, under the guise of developing real estate projects.
The ED further alleged that the accused executed fabricated loan agreements, generated bogus purchase orders and consultancy agreements, and misrepresented accounts to create an artificial financial ecosystem that concealed the trail of funds.
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Court rejects defence objection
Defence lawyers questioned the maintainability of the prosecution complaint, arguing that only the director of the agency can file it.
Special Judge R.B. Rote rejected the objection, stating, “Perusal of the prosecution complaint, it prima facie demonstrates that the role of each accused has been mentioned.” All accused have been asked to appear before the court by May 2.
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