On June 3, 2023, Dilip Sisodiya, also known as Deepak Jain Madda, was taken into custody by the Directorate of Enforcement (ED) as part of an investigation being carried out under the Prevention of Money Laundering Act, 2002, into the unauthorised sale and alienation of land owned by Housing Cooperative Societies.
On the basis of several FIRs filed in the Madhya Pradesh district of Indore regarding the illegal sale and alienation of Housing Co-operative Society lands by Dilip Sisodiya alias Deepak Jain Madda in collusion with other builders and developers, the ED launched an investigation under the provisions of the Prevention of Money Laundering Act, 2002.
According to the PMLA investigation, several accused individuals conspired with one another to illegally sell and alienate sizable areas of prime land that belonged to cooperative societies in Indore, Madhya Pradesh. Dilip Sisodiya, also known as Deepak Jain Madda, collaborated with other individuals to cheat housing cooperative organisations by selling sizable pieces of their land illegally to a number of people at low prices, in violation of the laws that apply to housing cooperative societies.
Housing Co-operative Societies had sizable landholdings in Indore’s most desirable areas because they were granted an exemption under Section 20 of the Urban Land Ceiling Act, which allowed them to purchase a lot of lands that were above the permitted landholding limits for different people.
Dilip Sisodiya, also known by his alias Deepak Jain Madda, joined some of these Societies either directly as an office bearer through rigged elections or indirectly by installing his acquaintances in key positions inside the Housing Cooperative Society. The market worth of these lands, which belong to various societies, is currently estimated to be in excess of one billion crores.
Dilip Sisodiya alias Deepak Jain Madda and other accused people’s homes were previously searched in accordance with the provisions of the PMLA, 2002, leading to the confiscation of cash worth Rs 91.21 lakh and numerous other incriminating papers. Dilip Sisodiya aka Deepak Jain Madda has been given to ED for a period of seven days by the Hon’ble Spl PMLA Court. Additional research is listed under Progress.
