Housing scam: Probe agencies raid 22 locations linked to Mumbai builders, seize assets worth Rs 30 crore

Investigative agency Enforcement Directorate (ED) on Monday conducted searches at 22 locations linked to Mumabi builder Lalit Tekchandani in a money laundering case related to a housing project in Navi Mumbai. The investigation agency’s raids resulted in the seizure of over Rs 30 crore.

The ED has initiated investigation based on two cases registered under various sections of the Indian Penal Code at Taloja police station and Chembur police station. Subsequently, it conducted raids under provisions of the Prevention of Money Laundering Act (PMLA) 2002 for cheating potential home buyers.

Mumbai-based builder Lalit Tekchandani was arrested on January 30 in a housing fraud case in which the complainant invested Rs 36 lakh in Tekchandani’s construction project in Taloja, Navi Mumbai. However, construction on the project stalled a year before the 2017 deadline.

ED investigation revealed that M/s Supreme Construction and Developer Pvt Ltd raised a huge amount of over Rs 400 crore from over 1,700 homebuyers for a housing project in Taloja, Navi Mumbai.

Delays in the project have left these homebuyers stranded without apartments or refunds. ED investigation revealed that funds received from homebuyers were misappropriated by the builders for personal gain and creation of assets in various names, including among family members.

During the search by the law enforcement agencies, Rs 2.75 crore in cash and incriminating documents related to the acquisition of huge properties in various names including members of the Tekchandani family were seized and seized.

Digital devices and other documentary evidence were also seized during the search operations. Details of fixed deposits (FDs) worth Rs 2,973 crore were also discovered during the search.