May 13, 2024: The Directorate of Enforcement (ED), Mumbai Zonal Office has attached immovable properties located in Navi Mumbai in the case of Monarch Universal Group under the provisions of Prevention of Money Laundering Act (PMLA), 2002. The properties attached are worth around Rs 52.73 crore.
According to the official release, the ED initiated investigation on the basis of multiple FIRs registered by Maharashtra Police under various sections of Indian Penal Code, 1860 against Monarch Universal Group, Gopal Amarlal Thakur, Hasmukh Amarlal Thakur and others for cheating genuine flat buyers by collecting money from them for selling flats and not registering the same in their name.
See also: Should you buy an unregistered property?
According to the official statement, the ED investigation revealed that Gopal Amarlal Thakur diverted and siphoned off huge amount of investors’ money to its various sister entities. Through a complex web of money trail, he parked substantial proceeds of crime (PoC) with various builders of Navi Mumbai namely Baba Homes Builders and Developers, Lakhani Builders, Monarch Solitaire LLP and others.
The ED investigation revealed that the Monarch Group and its directors sold the same flats to multiple flat buyers. They took loans from the nonbank financial companies (NBFC) by mortgaging flats that were already sold without the customers’ knowledge.
According to the official statement of the ED, Gopal Amarlal Thakur was arrested on July 1, 2021 and is presently in judicial custody. A prosecution complaint in this case was filed on August 26, 2021. Cognizance of the same has already been taken by the Special PMLA Court. The PoC worth Rs 52.73 crore which has travelled to these builders has been attached vide provisional attachment. The ED mentioned that further investigation is under progress.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: anuradha.ramamirtham@housing.com
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