ED searches 3 locations in Mumbai and Lonavala linked to builder Lalit Tekchandani under PMLA
Feb 16, 2024
New Delhi [India], February 16 : The Enforcement Directorate (ED) carried out search operations at three locations in Mumbai and Lonavala linked to builder Lalit Tekchandani under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in the case of cheating of prospective buyers of flats.
The central probe agency carried out the searches on February 13.
According to the statement from the central agency, the search operation has led to the freezing of shares and mutual funds amounting to approximately Rs 13 crores.
Earlier on February 7, ED had carried out searches at 22 locations in this case where it has already seized/frozen cash/FD having a value of more than Rs 30 Crore. Total seizure/freezing in this case is Rs 43 Crores so far.
ED initiated an investigation based on two FIRs registered by Taloja Police Station and Chembur Police Station under various sections of IPC, 1860. It has been alleged in the FIR that Supreme Construction and Developer Pvt Ltd, a company represented by Tekchandani and others, collected huge funds from the prospective buyers of a home in a housing project in Taloja, Navi Mumbai.
ED investigation revealed that Supreme Construction and Developer Pvt Ltd collected huge funds of more than Rs 400 crores from more than 1700 homebuyers in a housing project in Taloja, Navi Mumbai.
Delays in the project left these homebuyers in the lurch without a flat or refund. It has also come to light during the investigation that the funds received from the homebuyers were siphoned off by the builder for personal gains and the creation of assets in various names, including family members.
As per the central agency, during searches on February 7 and 13, apart from the frozen assets worth Rs 43 Crore, cash of Rs 27.5 lakhs and incriminating documents relating to the acquisition of a huge number of properties in various names including family members of a Tekchandani have already been recovered and seized.
Digital devices and other documentary evidence have also been seized during earlier search operations.
Further investigation is under progress.
