Mumbai, March 27: The Enforcement Directorate (ED) has provisionally attached assets worth Rs 41.7 crore in connection with an alleged fraud linked to the Goregaon Pearl CHS redevelopment project, officials said on Friday.
Assets linked to stalled redevelopment project attached
The attachment, carried out on March 25 under the Prevention of Money Laundering Act (PMLA), includes complete and partially constructed residential flats, commercial shops and office spaces in the Goregaon-based project.
According to the agency, the project was originally undertaken by M/s Sai Siddhi Developers as part of the redevelopment plan. The developer had sold multiple residential and commercial units to buyers after collecting full or partial payments. However, the project was not completed, and the buyers neither received possession of their units nor were their payments refunded.
Buyers suffer significant financial losses
The ED said the affected buyers are the primary victims in the case, with total wrongful losses pegged at around Rs 47.51 crore.
The agency alleged that Jayesh Tanna, a key partner of Sai Siddhi Developers, diverted funds collected from buyers for personal gains instead of deploying them for project completion. The siphoned funds have been classified as “proceeds of crime” under the PMLA.
Probe based on multiple FIRs and chargesheets
The probe stems from multiple FIRs registered by Mumbai Police against Sai Siddhi Developers, Tanna and other associated persons under various sections of the Indian Penal Code, including cheating and criminal breach of trust. Chargesheets have already been filed in these cases.
Officials said the financial trail traced so far points to systematic diversion and layering of funds, which resulted in the project being stalled and leaving several purchasers in limbo.
Earlier action and ongoing investigation
Earlier, in a separate case, the ED had conducted searches at nine premises in Mumbai on March 5, 2025, in connection with other real estate projects involving Tanna and entities associated with the Sai Group of Companies in respect of other real estate projects.
Following the searches, the agency had provisionally attached assets worth Rs 35.89 crore belonging to Jayesh Tanna, his family members and associate entities, including a property located in the United Kingdom. These attachments were subsequently confirmed by the Adjudicating Authority under the PMLA in New Delhi. Officials said the earlier case involved separately quantified proceeds of crime of Rs 45.75 crore.
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The latest attachment is part of the agency’s ongoing efforts to trace and secure assets allegedly generated through fraudulent means and to establish the money trail in the case.
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