ED arrests Indore businessman in money laundering case linked to illegal sale of housing cooperatives
Jun 06, 2023
New Delhi [India], June 6 : The Enforcement Directorate has arrested one Dilip Sisodiya, an Indore-based businessman Prevention of Money Laundering Act in a case linked to alleged illegal sale of a cooperative land worth more than Rs 1,000 crore in the city.
Deepak Sisodiya alias Deepak Jain Madda was arrested on June 3, the ED said.
A special PMLA court has granted seven days of custody of Dilip Sisodiya to the ED.
The ED has initiated its investigation on the basis of various FIRs lodged at Indore. The case is related to the illegal sale and alienation of the lands of Housing Co-operative Societies by Sisodiya in connivance with other builders and developers.
The PMLA investigation revealed that various accused persons in connivance with each other illegally sold and alienated huge areas of land belonging to Co-operative Societies at Indore.
Sisodiya in connivance with others sold huge parcels of land belonging to societies at undervalued rates by flouting the rules applicable for Housing Co-operative Societies. The market value of these lands is estimated to be more than Rs 1000 crore.
The Housing Co-operative Societies were granted exemption under Section 20 of the Urban Land Ceiling Act. Hence they could acquire land exceeding the landholding limit prescribed for various persons.
The ED investigation pointed out that Dilip Sisodiya got entry into some of these Societies by being getting elected as office bearer through manipulated elections. At times he indirectly influenced decision-making by placing his known persons in decision-making positions in the Housing Co-operative Society.
Earlier, the ED searched the premises of Dilip Sisodiya and his associates. This resulted in the seizure of Rs 91.21 lakh in cash and other incriminating documents.
