The ED said that it carried out searches on Tuesday at three locations in Mumbai and Lonavala linked to builder Lalit Tekchandani
ED logo. File Pic
The Enforcement Directorate (ED) on Friday said that it carried out searches on Tuesday at three locations in Mumbai and Lonavala linked to builder Lalit Tekchandani.
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Sources said that the searches were carried out under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of alleged cheating of prospective buyers of flats.
The search operation has led to freezing of shares and mutual funds amounting to approximately Rs. 13 crore, they said.
"Total seizure or freezing in this case till date is Rs. 43 crore," an official said.
Earlier, The ED had carried out searches at 22 locations in Mumbai and Navi Mumbai linked to a builder Lalit Tekchandani, resulting into seizure/freezing of Rs 30 crore. The searches were carried on February 7, under the provisions of PMLA in the case of cheating of prospective flat buyers.
ED has initiated the investigation on the basis of 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 M/s Supreme Construction & Developer Pvt Ltd, a company represented by Tekchandani and others, collected huge funds from the prospective buyers of home in a housing project in Taloja, Navi Mumbai.
ED's search operation led to seizure/freezing of cash and bank balances/Fixed Deposits (FD) amounting to more than Rs. 30 crore, which includes cash of Rs 27.5 lakh and details of FDs having face value of Rs. 29.73 crore was also unearthed during the search and these FD accounts held in various banks have been freezed.
ED investigation revealed that M/s Supreme Construction & Developer Pvt Ltd, collected huge funds more than Rs 400 crore from of more than 1,700 home buyers in a housing project in Taloja, Navi Mumbai. Delays in the project left these homebuyers in lurch without flat or refund. It has also come to light during the preliminary PMLA investigation that the funds received from the homebuyers were siphoned off by the builder for personal gains and creation of assets in various names, including family members.
During the course of searches conducted by ED, cash of Rs 27.5 lakh and incriminating documents relating to acquisition of huge properties in various names including family members of Tekchandani have been recovered and seized. Details of FDs having face value of Rs. 29.73 crore was also unearthed. Digital devices and other documentary evidences have also been seized during the course of search operation.
Further investigation in the case is under progress.
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