Mumbai, July 28, 2026: The special Prevention of Money Laundering Act (PMLA) court on Tuesday rejected the plea of Sangeeta Co-operative Housing Society Ltd, located in Kothrud, Pune, seeking permission to proceed with redevelopment. It is claimed that a family member of former MLC Anil Bhosle owns a flat in the society that has been confiscated under the Prevention of Money Laundering Act.
Society Sought Redevelopment Approval
The society had approached the special PMLA court seeking a no-objection certificate (NOC) for redevelopment. The certificate was required as one of the flats in the society is owned by Reshma, wife of Anil Bhosle, and has been attached by the Enforcement Directorate (ED) under the PMLA while probing money laundering allegations.
The same flat had been mortgaged with Saraswat Co-operative Bank Ltd. On March 21, 2018, Reshma made a written communication regarding the gift deed of the said flat in favour of Shreya Bhosle.
Following a loan default, Saraswat Bank took possession of the flat under the SARFAESI Act on October 31, 2020. Thereafter, the society received communication regarding the attachment of the flat.
The society pleaded that the building was constructed in 1993 and is now very old. It submitted that it had undertaken cluster redevelopment of its property along with two adjacent societies.
It further contended that the redevelopment proposal had been finalised and approved by the Sub-Registrar of Co-operative Societies, Pune. However, to proceed further, the society required a no-objection certificate from the court.
ED Opposes Plea
The plea was opposed by the ED, which contended, “The society is not authorised for redevelopment of the flat. The unilateral action of seeking permission and entering into an agreement with M/s Vikram Developers would be a breach of the attachment under the PML Act. The flat was attached as it constitutes the proceeds of crime. In case of redevelopment or demolition of the said flat, it will destroy the identity and character of the flat.”
Court Rejects Application
The special court accepted the prosecution's contentions and observed that, “In concern with the flat in question, it was confiscated by following due procedure of law. If, on the basis of vague contention of the society, redevelopment and demolition are allowed, certainly it would destroy the identity and character of the flat which is attached under the law and defeat the object of the PMLA, 2002.”
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“Certainly, it would amount to the creation of a third-party interest in the attached property, which is impermissible in the eye of law, and the confiscation proceeding will become infructuous,” the court said while rejecting the application.
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