Mumbai: In its ongoing crackdown on builder Lalit Tekchandani, the Enforcement Directorate (ED) recently conducted search operations at three locations in Mumbai and Lonavala linked to him in a PMLA case involving the cheating of prospective flat buyers. The search operation led to the freezing of shares and mutual funds amounting to approximately Rs. 13 Crores. The total seizure and freezing in this case now amount to Rs. 43 Crores.
This marks the second phase of searches by the ED at Tekchandani's properties. Last week, in a widespread operation covering 22 locations, the agency seized cash, froze bank balances, and fixed deposits totaling Rs. 30 crore in the money laundering case.
ED initiated investigation on the basis of two FIRs registered by Taloja Police Station and Chembur Police Station under various sections of IPC, 1860. It has been alleged in the FIR that M/s Supreme Construction & Developer Pvt Ltd, a company represented by Tekchandani and others, collected huge funds from the prospective buyers of home in a housing project in Taloja, Navi Mumbai.
ED Probe Reveals Massive Fraud
ED's investigation revealed that M/s Supreme Construction & Developer Pvt Ltd collected a substantial amount exceeding Rs. 400 Crores from over 1700 homebuyers in a housing project in Taloja, Navi Mumbai. Delays in the project left these homebuyers stranded without a flat or refund. It has also emerged during the investigation that the funds received from the homebuyers were siphoned off by the builder for personal gain and to create assets under various names, including those of family members.
During the searches conducted by the ED on February 7th and 13th, in addition to the frozen assets worth Rs. 43 Crore, cash amounting to Rs. 27.5 lakhs and incriminating documents related to the acquisition of a significant number of properties under various names, including those of family members of Tekchandani, have been recovered and seized. Digital devices and other documentary evidence have also been seized during the search operations.
