Housing scam: Assets worth Rs 30cr seized in raids on builder’s properties
ED has registered PMLA case against Tekchandani on the basis of Chembur police station's FIR in Mumbai and Taloja police station's FIR in Navi Mumbai.
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ED investigation revealed that M/Supreme Construction and Developer Pvt Ltd, collected huge funds of over Rs 400 crore from more than 1,700 home buyers in a housing project in Taloja, Navi Mumbai. (Representational Photo)The Enforcement Directorate (ED) on Monday said that it seized cash and froze bank balances and fixed deposits of a total worth of Rs 30 crore in raids last week at 22 locations of builder Lalit Tekchandani, his partners Amit Wadhwani and Vicky Wadhwani, and other associates in a money laundering case. The agency is probing it under provisions of the Prevention of Money Laundering Act (PMLA), 2002.
ED has registered PMLA case against Tekchandani on the basis of Chembur police station’s FIR in Mumbai and Taloja police station’s FIR in Navi Mumbai. Both FIRs were registered against Tekchandani and his family and associates in a housing fraud committed against prospective home buyers in connection with a housing project in Taloja, Navi Mumbai. The Chembur police station case later got transferred to Mumbai EOW. The said housing project is called Hex City/Clan City, which was being developed by Supreme Construction and Developer Pvt Ltd in Taloja.
In the FIR, it was alleged that Supreme Construction and Developer Pvt Ltd , a company represented by Tekchandani and others. ED investigation revealed that M/Supreme Construction and Developer Pvt Ltd, collected huge funds of over Rs 400 crore from more than 1,700 home buyers in a housing project in Taloja, Navi Mumbai. Delays in the project left these home buyers in the lurch without flats or refunds.
“The preliminary PMLA investigation revealed that the funds received from the home buyers were siphoned off by the builder for personal gains and creation of assets in various names, including family members,” the ED said.
The agency said that during its searches, Rs 27.5 lakh cash and incriminating documents relating to the acquisition of huge properties under various names, including Tekchandani’s family members, were seized. Digital devices and other documentary evidence were also seized. Details of FDs with face value of Rs 29.73 crore were also unearthed during the search. These FDs held in various banks have been frozen, the central agency said in a statement.
Teckchandani faces at least six criminal cases registered by the Mumbai police. He was arrested last month by Mumbai Police’s Economic Offences Wing (EOW). The housing fraud unit of EOW is looking into his cases.
The cases against Tekchandani also include a case registered early this month by Malad businessman Bharat Shah. He alleged that Tekchandani and his co-directors in real estate company Sai Estate Consultants Chembur Pvt Ltd — Amit Wadhwani and Vicky Wadhwani — defrauded him of Rs 3.44 crore.
A few days before his arrest, the EOW had also raided Teckchandani’s residence, office and two other premises in the city and seized incriminating documents.
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