Mumbai: The Enforcement Directorate (ED) has secured a confiscation order for an immovable property worth Rs 1.25 crore in a money laundering case linked to alleged investment fraud by Mumbai-based M/s Yescube Infrastructure Ltd., after a special PMLA court held that the asset was acquired using proceeds of crime.
Probe Originated from 2010 FIR Transferred to Mumbai Police's EOW
The Special Court (PMLA), Mumbai, in an order dated July 18, directed that Flat No. 901 on the ninth floor of Regency Tower at Ghodbunder Road, Thane (West), be confiscated to the Central Government under Section 8(7) of the Prevention of Money Laundering Act (PMLA). The ED had approached the court after the trial against the two principal accused Sandeep Shukla and Manoj Shukla could not commence because they continued to evade arrest.
The money laundering probe was initiated on the basis of an FIR registered in 2010, which was later transferred to the Mumbai Police's Economic Offences Wing (EOW). The EOW chargesheeted Sandeep Lalbahadur Shukla, Manoj Lalbahadur Shukla, Sebastin Michael Pereira and Nilesh Dattatrey Mhatre, alleging that they floated M/s Yescube Infrastructure Ltd. and operated through its Borivali office and several branches across Maharashtra.
Company Collected Rs 27.92 Crore, Retained Rs 9.30 Crore as Wrongful Gains
The agency alleged that the accused allegedly floated investment schemes through newspaper advertisements promising unrealistically high returns and prospective ownership of land despite having no viable business model. The agency alleged they collected about Rs 27.92 crore from investors, repaid around Rs 18.62 crore and retained nearly Rs 9.30 crore, as wrongful gains, which the ED identified as proceeds of crime. The agency's investigation further found that a portion of the cash withdrawn from the company's accounts was deposited into bank accounts held in the names of Manoj Shukla and Smt. Urmila Shukla. These accounts were then allegedly used to make payments to a builder for the purchase of a flat in Thane and to buy a car in the name of the accused persons' mother.
In October 2017, the agency provisionally attached the two assets —valued at Rs 1.28 crore, including the flat worth Rs 1.25 crore and a car worth Rs 3 lakh. The attachment was confirmed by the Adjudicating Authority in March 2018, following which the ED filed its prosecution complaint before the special court in July 2018.
According to the ED, Sandeep Shukla and Manoj Shukla later absconded despite non-bailable warrants and proclamation notices. In August 2025, the special court separated the trial against them and declared them proclaimed offenders, while charges were framed against the remaining accused in December 2025. As the two continued to remain absconding, the ED moved the court under Section 8(7) of the PMLA seeking confiscation of the attached property, which the court has now allowed.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
