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During the searches, the ED froze fixed deposits (FDs) worth Rs. 29.73 crore and seized cash amounting to Rs. 27.5 lakhs, along with incriminating documents pertaining to the acquisition of extensive properties under various names.
NEW DELHI: The Directorate of Enforcement (ED) announced on Monday that it had conducted searches at 22 locations in Mumbai and Navi Mumbai associated with Lalit Tekchandani, the owner of Supreme Construction & Developer Pvt Ltd, as part of a case under the Prevention of Money Laundering Act (PMLA) related to alleged fraud involving 400 home buyers.
During the searches, the ED froze fixed deposits (FDs) worth Rs. 29.73 crore and seized cash amounting to Rs. 27.5 lakhs, along with incriminating documents pertaining to the acquisition of extensive properties under various names, including those of Tekchandani’s family members. Additionally, digital devices and other documentary evidence were confiscated.
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According to the ED, the operation resulted in the seizure and freezing of cash, bank balances, and FDs totaling over Rs. 30 crore.
The ED’s investigation was initiated based on two FIRs filed by the Taloja Police Station and Chembur Police Station under various sections of the Indian Penal Code (IPC).
“The FIR alleges that the Supreme Construction & Developer Pvt Ltd, represented by Tekchandani and others, amassed substantial funds from prospective home buyers for a housing project in Taloja, Navi Mumbai,” an ED official said.
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Further investigations by the ED revealed that Supreme Construction & Developer Pvt Ltd collected over Rs. 400 crore from more than 1,700 home buyers for a housing project in Taloja. However, delays in the project left these buyers without homes or refunds.
Preliminary investigations under the PMLA have suggested that funds received from home buyers were misappropriated by the builder for personal gain and the acquisition of assets in various names, including those of family members.
The ED’s probe into the matter is ongoing.
