April 19, 2024: The Directorate of Enforcement (ED), Mumbai Zonal Office has provisionally attached movable and immovable properties worth Rs 113.5 crore linked to builder Lalit Tekchandani and his associates under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of cheating prospective buyers of flats.
These properties include villa at Aamby Valley, various residential business premises in Mumbai, land parcels in Raigarh District and fixed deposits, mentioned the ED in an official statement.
The ED initiated investigation in this case based on two FIRs registered by Taloja Police Station and Chembur Police Station under various sections of IPC, 1860. As per the FIR, Tekchandani’s Supreme Construction & Developer Pvt Ltd collected huge funds from the prospective home buyers in a housing project in Taloja, Navi Mumbai.
According to the ED investigation, Supreme Construction & Developer Pvt Ltd collected funds of more than Rs 400 crore from more than 1,700 homebuyers in a housing project in Taloja, Navi Mumbai. Delays in the project left these homebuyers in lurch without a flat or refund. The ED has already frozen investments in shares/ mutual funds/ fixed deposits worth Rs 43 crore in this case.
During the course of investigation, Lalit Tekchandani was arrested by ED on March 18, 2024 under the provisions of the PMLA, 2002 and is presently under judicial custody. As per the official statement, his interrogation has revealed that the funds received from the homebuyers were laundered by the builder for personal gains and creation of assets in various names, including family members.
The ED investigation has revealed that Tekchandani alienated the properties of Supreme Construction and Developers Pvt Ltd despite his exit from the ownership and directorship of the company with the assistance of other accused persons. The ED investigation has also revealed that accused persons were transferring the receivables of the company into the account of an associate entity thereby siphoning off the funds.
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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.
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