In connection with the money laundering investigation that the Directorate of Enforcement (ED) has started against Manish Sharma, Navin Beri, his partnership company M/s Lavanya Travels, and Arvind Chadha. The movable and immovable assets worth Rs. 24.39 crores that belong to M/s Sanskar Group have been provisionally attached. Villas and apartments in Goa, apartments and office space in Delhi and Faridabad, and fixed deposits are the associated assets.
According to the ED investigation, Manish Sharma and the purchasers agreed to engage in a “sale deed” and “agreement to sell,” which were both signed in front of a civil cum Sub-Registrar and promised to deliver the villas by the deadline. However, Manish Sharma and Navin Beri mortgaged the Banjara Hills project in Jammu and Kashmir Bank Ltd, Panaji. They obtained a loan of Rs. 20 Crore by submitting false documents when the project was completed to about 60-70%. They did this in collusion with the bank manager of Jammu and Kashmir Bank. The loan money was then sent to the bank accounts of Arvind Chaddha, Manish Sharma, Navin Beri, and his partnership company, M/s Lavnaya Travels.
They continued to use and consume this money for their own purposes. The bank designated the aforementioned loan account as an NPA. The search for the remaining proceeds of the crime is being investigated.
