In a Money Laundering Case recorded by ED against Deepak Jain Madda and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), the Directorate of Enforcement (ED) conducted sDeepak Jain Maddaearches at six premises, including five residential premises in Indore (Madhya Pradesh) and the premise of a Shell entity based in Mumbai.
Deepak Jain Madda illegally sold and alienated the lands of Housing Co-operative Societies in connivance with other builders and developers, according to different FIRs made in Indore (MP).
The accused defendants fraudulently sold and alienated hundreds of acres of prime land belonging to Co-operative Societies in Indore, Madhya Pradesh, in collusion with one another. These lands were initially purchased by housing cooperative societies in order to provide dwelling plots to their members. The market worth of these lands belonging to various societies is believed to be more than a thousand crores as of today.
These lands were syphoned off and sold to several accused individuals, inflicting significant losses to the housing organisation and depriving its members of their legitimate ownership of plots. Several efforts have also been made to defraud the Society by syphoning away the moveable assets of the Housing Societies, such as bank accounts.
During the searches, a cash sum of Rs 91.21 lakhs, information on unlawfully obtained immovable assets valued at more than Rs 250 Crore (approximately), and several incriminating papers were collected and seized. More research is being conducted.
