The agency claimed its investigation found that the company and its directors duped multiple persons in the guide of selling flats.
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The Enforcement Directorate (ED) on Friday said it has arrested the director of a Mumbai-based company on money laundering charges over allegations that the firm duped numerous flat buyers of around Rs 50 crore.
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Gopal Amarlal Thakur, director of the Monarch Universal Group, was arrested on Thursday in Mumbai and produced before a special Prevention of Money Laundering Act (PMLA) court there on Friday.
The court sent him to ED custody till July 8, the agency said.
The ED case of money laundering was registered after studying multiple Maharashtra Police FIRs and chargesheets filed against the accused for "cheating and defrauding genuine flat buyers by collecting money from them for selling the flats and not registering the same in their names after sufficient time lapse".
The agency claimed its investigation found that the company and its directors sold flats to multiple persons.
"They also took a loan from an NBFC (non-banking financial company) by mortgaging the sold flats without the knowledge of the customers who booked the same flats.
"It also came out in the investigation that the company has diverted funds from the project accounts to different entities and individuals and thus siphoned off the funds," the ED alleged.
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