Mumbai: Special PMLA Court Deems ₹426 Cr Collected By Builder Lalit Tekchandani As 'Proceeds Of Crime'

Mumbai: Special PMLA Court Deems ₹426 Cr Collected By Builder Lalit Tekchandani As 'Proceeds Of Crime'

The special court while accepting the prosecution complaint noted: "The accused persons and their entities had not settled the terms of purchase agreements executed with the original land owners of the 15 acre land on which the said project was launched."

Charul Shah JoshiUpdated: Friday, June 07, 2024, 09:42 AM IST
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Lalit Tekchandani | File Photo

Mumbai: The special PMLA court has held that the Rs426 crore collected by builder Lalit Tekchandani from investors and flat purchasers for his Navi Mumbai project is nothing but proceeds of crime and that he failed to return the money or give possession of flats but instead bought other properties.

Special Judge MG Deshpande last week took cognisance of the prosecution complaint filed by the Enforcement Directorate against Tekchandani and 15 other accused for the allegations of money laundering after many investors who bought flats in his housing project complained of cheating with various police stations across the state, including the Economic Offence Wing.

Court Accepts Prosecution Complaint

The special court while accepting the prosecution complaint noted: "The accused persons and their entities had not settled the terms of purchase agreements executed with the original land owners of the 15 acre land on which the said project was launched."

"The builder-company and its directors continued the collection of flats consideration price from prospective flat buyers by promising them to complete the said project by year 2014 and give them the possession of their booked flats. Accused persons neither returned the money collected from the investors, but have used the same for other construction as well as for their personal gains and for acquisition of properties / creation of assets. The project is still not completed and the flat buyers got cheated by the builder-company and its directors," the court noted.

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