Maharashtra: PMLA court takes cognizance of ED complaint against builder Lalit Tekchandani
May 31, 2024
Mumbai (Maharashtra) [India], May 31 : The Special PMLA Court in Mumbai has taken cognizance of the prosecution complaint filed by the Directorate of Enforcement (ED), Mumbai Zonal Office against builder Lalit Tekchandani and 15 others in connection with a money laundering case, the agency said in a statement on Friday.
According to the ED, the prosecution complaint was filed on May 15 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 for which the court took cognizance on May 29.
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 Private Limited (SCDPL), a company represented by Tekchandani and others, collected huge funds from prospective home buyers in a housing project in Taloja, Navi Mumbai. The home buyers were neither given flats nor the money was returned to them.
ED investigation revealed that SCDPL collected huge funds of more than Rs 400 crore from several homebuyers in a housing project in Taloja, Navi Mumbai. Delays in the project left these homebuyers in the lurch without a flat or refund. ED investigation has further revealed that Tekchandani alienated the properties of SCDPL despite his exit from the ownership and directorship of the company with the assistance of other accused persons.
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.
Lalit Tekchandani was arrested by ED on March 18, 2024. He is presently under judicial custody. His interrogation has revealed that the funds received from the homebuyers were laundered by the builder for personal gains and the creation of assets in various names, including family members.
After identifying the proceeds of the crime, ED has earlier issued a provisional attachment order in respect of movable and immovable properties having an aggregate value of Rs 113.5 crore in the case. ED has also frozen or seized investments in shares, mutual funds or fixed deposits worth Rs 43 crore in the case.
The agency added that further investigation is underway.
