Mumbai: ED Attaches ₹63.96 Crore Worth Assets In Kamala Landmarc Money Laundering Case

Mumbai: ED Attaches ₹63.96 Crore Worth Assets In Kamala Landmarc Money Laundering Case

The Enforcement Directorate (ED) has provisionally attached assets worth Rs. 63.96 Crore belonging to M/s Kamala Landmarc Group of companies, as well as various partnership firms and private companies owned by the group.

Ashish SinghUpdated: Friday, March 01, 2024, 01:18 AM IST
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ED | File pic

The Enforcement Directorate (ED) has provisionally attached assets worth Rs. 63.96 Crore belonging to M/s Kamala Landmarc Group of companies, as well as various partnership firms and private companies owned by the group. This action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attachments are part of a money laundering case related to M/s Kamala Landmarc and others.

According to an official statement from the ED, assets worth Rs. 48.67 Crore belonging to Jitendra Jain, Director of various partnership firms and private companies owned by M/s Kamala Landmarc Group of companies, and assets worth Rs. 15.29 Crore belonging to Parvath Shetty, Partner in Kamla Landmarc Builder firm, have been attached. The attachments include immovable properties such as various flats worth Rs. 33 Crore located in Mumbai, agricultural lands worth Rs. 15 Crore located across Maharashtra, and plots worth Rs. 60 lakh belonging to Jitendra Jain and his family members. Additionally, various flats worth Rs. 15.29 crore located in Mumbai belonging to Parvath Shetty and his relatives have also been attached.

The ED investigation

 ED has initiated an investigation based on 37 FIRs registered by the Economic Offences Wing (EOW) Mumbai and various police stations in Mumbai against Jitendra Jain and others of the Kamala Landmarc group of companies. These FIRs are filed under various sections of the Indian Penal Code (IPC) for alleged fraud and cheating against numerous flat buyers, investors, and banks, amounting to a total of Rs. 408.25 Crore.During the investigation, the ED found that Jitendra Jain and others, through M/s. Kamla Landmarc Group of companies, had obtained loans from banks and financial institutes. Out of the loan amount, Rs. 110.90 Crore was declared as Non-Performing Assets (NPA)by the banks and financial institutes.

Furthermore, Jitendra Jain and others, through M/s. Kamla Landmarc Group of companies, had obtained advances totaling approximately Rs. 297.35 Crore from various individuals and entities in exchange for properties such as flats or units. However, they failed to provide flats to these individuals.

The funds received as advances from customers, as well as loans availed from banks and non-banking financial companies (NBFCs), amounting to Rs. 408.25 Crore, have been diverted or transferred to sister concerns, companies, firms, individuals, promoters, directors, and key managerial persons associated with the Kamla Landmarc group of companies. 

Furthermore, to launder the proceeds of crime and present them as untainted, the main accused, Jitendra Jain, in a criminal conspiracy with Parvath Shetty, transferred the ownership of M/s. Kamla Landmarc Builders (one of the companies/firms of M/s. Kamla Landmarc Group of companies) to Parvath Shetty through forgery.

Subsequently, Parvath Shetty transferred the ownership of the asset created in the firm M/s. Kamla Landmarc Builders to his relatives to camouflage the original ownership of the asset.

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