The Enforcement Directorate (ED) has seized unaccounted assets worth Rs 32 crore after conducting raids at several locations in Mumbai and Hyderabad in connection with alleged money laundering and illegal development cases. The raids were conducted on May 14 and 15 under the provisions of the Prevention of Money Laundering Act (PMLA), leading to the recovery of Rs 9.04 crore in cash, along with diamond-studded jewellery and bullion valued at approximately Rs 23.25 crore. Officials also recovered a significant volume of documents considered to be incriminating.
Part of the seized assets—Rs 8.6 crore in cash and jewellery and bullion worth Rs 23.25 crore—was recovered from 13 different locations in Mumbai and Hyderabad. According to a report by FPJ, assets were seized from Vasai Virar Municipal Corporation (VVMC) Deputy Director of Town Planning Y.S. Reddy.
The report further stated that the central investigative agency recovered several documents revealing a large-scale illegal construction scam in the Vasai-Virar region, allegedly carried out in collusion with VVMC officials. The searches were part of an investigation under the PMLA, 2002, targeting a syndicate allegedly involved in the illegal development of 41 buildings in the Vasai-Virar area near Mumbai.
According to the ED's initial investigation, developers allegedly submitted forged documents to the municipality to sell residential and commercial properties built on encroached land, flouting urban planning and environmental norms. The central agency began its probe following multiple cases registered by the Mira Bhayandar Police Commissionerate against several builders.