M/s Monarch Universal Group faces consequences for selling same flats to multiple people.
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Under the Prevention of Money Laundering Act (PMLA), 2002, the Mumbai Zonal Office of the Directorate of Enforcement (ED) has provisionally seized immovable property valued at Rs. 52.73 crore in Navi Mumbai in connection with the case involving M/s Monarch Universal Group.
This action comes after the Maharashtra Police filed many FIRs against M/s Monarch Universal Group, Gopal Amarlal Thakur, Hasmukh Amarlal Thakur, and others under various sections of the Indian Penal Code, 1860, for scamming real estate customers.
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The ED's investigation revealed that Gopal Amarlal Thakur misdirected investor monies to sister entities and transferred significant proceeds of crime (PoC) to Navi Mumbai builders such as M/s Baba Homes Builders and Developers, M/s Lakhani Builders Pvt. Ltd, and M/s Monarch Solitaire LLP. It was uncovered that Monarch Group and its directors sold flats to many buyers and mortgaged them to collect loans from NBFCs without the consumers' knowledge. Gopal Amarlal Thakur was detained on July 1, 2021, and a criminal complaint was filed on August 26, 2021. A court decision dated May 10, 2024 has provisionally attached the attached PoC for Rs. 52.73 crore.
In a separate operation, the Delhi ED searched eleven locations in Delhi NCR belonging to the promoters and directors of Shree Raj Mahal Jewellers Pvt Ltd (SRMJPL), Ginni Gold Pvt Ltd (GGPL), and individuals Ashok Goel, Pradeep Goal, and Praveen Kumar Gupta, as well as associated shell companies. The searches on May 7 resulted in the recovery of Rs. 20.50 lakh in cash, five luxury cars (Mercedes and BMW) valued at Rs. 2 crore, and Rs. 1 crore in fixed deposits kept in the names of bogus businesses and persons. Additionally, evidence relating to assets and bank accounts held by the promoters through shell companies was discovered and seized. The investigation is underway.
(With Inputs from ANI)
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