ED Searches 22 Locations in Mumbai Linked to Builder Lalit Tekchandani; Seizes Rs30 Cr
IANS 12 February 2024
The enforcement directorate (ED) on Monday carried out searches at multiple locations in Mumbai and Navi Mumbai linked to builder Lalit Tekchandani over alleged cheating of prospective home-buyers.
Following the searches, the financial probe agency seized Rs30 crore, comprising bank balances and fixed deposits (FDs).
The ED searches were carried out at multiple locations linked to Mr Tekchandani under the Prevention of Money Laundering Act (PMLA). Notably, the builder was arrested last month for alleged cheating and forgery. The agency has been on the lookout for the proceeds of crime.
ED had initiated the investigation on the basis of two first information reports (FIRs) registered at the Taloja police station and Chembur police station.
It is claimed that the company registered in Mr Tekchandani’s name collected huge money from prospective home-buyers in the name of a housing project in Taloja (Navi Mumbai) and then siphoned it off for personal gains and creating assets in the name of relatives.
As per agency records, the company M/s Supreme Construction & Developer Pvt Ltd collected funds to the tune of Rs 400 crore from more than 1,700 home-buyers for the housing project and then left them in lurch.
The ED searches also resulted in the seizure of Rs27.5 lakh cash and incriminating documents, relating to the acquisition of properties in the names of Mr Tekchandani's family members. FDs amounting to Rs29.73 crore were also unearthed during the searches which have been frozen with immediate effect.
Some digital devices and documentary devices were also impounded.
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