Mumbai, August 13, 2026: The Enforcement Directorate has filed a prosecution complaint against Sai Group promoters Jayesh Tanna, Deep Tanna and Vivek Jayesh Tanna, and seven entities linked to the group, alleging that money collected from flat and shop buyers for redevelopment projects in Mumbai was diverted for personal use, generating proceeds of crime of Rs 43.73 crore.
The complaint was filed before the Special Court (PMLA), Mumbai, on July 31 under Sections 3 and 70 of the Prevention of Money Laundering Act. The court has ordered the issuance of pre-cognizance notices to all the accused.
The case stems from multiple FIRs registered by the Mumbai Police against Jayesh Tanna, his brother Deep Tanna and others. The ED began its probe in 2024 after the police cases, in which chargesheets have since been filed in 14 of 17 cases, according to the agency.
Projects Under Investigation
The ED’s investigation centres on redevelopment projects in D N Nagar, Andheri, Kandivali and Goregaon. The agency has alleged that the promoters collected money from flat and shop buyers and investors for the proposed projects but diverted the funds for personal benefit and purposes unrelated to construction, resulting in non-completion of the projects and causing losses to buyers, original society members and investors amounting to Rs 43.73 crore.
The investigation had earlier led the ED to search nine premises linked to the Sai Group and its promoters in March 2025. The searches, according to the agency, yielded documents and financial records relating to properties and transactions allegedly linked to the proceeds of crime.
Properties Attached Earlier
Earlier, the ED had provisionally attached immovable properties worth Rs 33.89 crore belonging to Tanna, his family members and associated firms. The properties included agricultural land, residential flats, commercial shops and a bungalow in Mumbai and Ahmednagar in Maharashtra.
Overseas Property Attachment
The probe subsequently acquired an overseas dimension. In July 2025, the ED attached a land-and-building property in the United Kingdom belonging to Tanna’s family. According to the agency, the property was acquired in 2017 for about £2.07 lakh (approximately Rs 2.2 crore at the prevailing exchange rate), allegedly using funds diverted from the proceeds generated by cheating flat buyers and investors. The attachment was sent for execution through the Mutual Legal Assistance Treaty mechanism.
The underlying cases include allegations of buyers being left without possession despite making substantial payments. In one case before the Bombay High Court, the court record states that a buyer had paid Rs 3.33 crore for a flat, but later discovered that the same flat had been sold to another entity. A replacement flat offered by the developer was subsequently found to have been mortgaged.
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The filing of the prosecution complaint marks the latest stage of the ED investigation, which began with the underlying cheating and redevelopment-related FIRs and subsequently expanded into tracing the alleged diversion of funds and assets acquired from them.
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