A Provisional Attachment Order has been issued by the Directorate of Enforcement (ED), Mumbai Zonal Office, for both moveable and immovable properties. These properties include land parcels in Raigarh District, a villa in Aambey Valley, a number of residential and commercial buildings in Mumbai, and fixed deposits totalling Rs. 113.5 crore.
According to the requirements of the Prevention of Money Laundering Act (PMLA), 2002, these assets are connected to a builder by the name of Lalit Tekchandani and his colleagues in connection with a case of deceiving potential flat purchasers. Furthermore, investments in shares, mutual funds, and fixed deposits totalling Rs. 43 crores have already been blocked or confiscated by the ED in this matter.
Two FIRs filed under various sections of the IPC, 1860 by the Taloja Police Station and the Chembur Police Station served as the basis for the ED’s inquiry. According to the FIRs, Tekchandani and other representatives of M/s Supreme Construction & Developer Pvt Ltd allegedly obtained large sums of money from potential homebuyers for a housing project in Taloja, Navi Mumbai.
M/s Supreme Construction & Developer Pvt Ltd collected approximately Rs. 400 crore from over 1700 homeowners for the Taloja housing project, according to ED investigations. These buyers have not received their apartments or their refunds due to delays in the project’s completion.
Lalit Tekchandani was taken into custody by the ED on March 18, 2024, in accordance with the PMLA, 2002, while the probe was ongoing. Tekchandani’s interrogation revealed that the builder had laundered the money from the purchasers to benefit himself and create assets under a number of names, including those of family members.
The inquiry further revealed that, with the help of other accused parties, Tekchandani alienated the properties of M/s Supreme Construction and Developers Pvt Ltd even after leaving the company’s ownership and directorship. Additionally, it was found that the defendants were diverting firm receivables to an affiliated company’s account in order to syphon off cash. Investigations are still being conducted.
