Mumbai, March 29 The Directorate of Enforcement (ED), Mumbai Zonal Office, has issued a Provisional Attachment Order for movable and immovable properties linked to builder Lalit Tekchandani and his associates.
The attached assets, valued at Rs 44.07 crore, include a villa in Dubai, various residential and business premises in Mumbai, land parcels in Pune, and fixed deposits.
The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a case of cheating prospective homebuyers.
The ED has already frozen or seized investments in shares, mutual funds, and fixed deposits worth Rs 158 crore in this case.
The ED investigation was initiated based on two FIRs registered by Taloja Police Station and Chembur Police Station under various sections of the IPC, 1860.
According to the FIRs, M/s Supreme Construction & Developer Pvt Ltd, represented by Tekchandani and others, collected significant funds from prospective homebuyers for a housing project in Taloja, Navi Mumbai.
The ED’s probe revealed that M/s Supreme Construction & Developer Pvt Ltd collected over Rs 400 crore from more than 1,700 homebuyers. However, delays in the project left these buyers stranded without a flat or a refund.
During the course of the investigation under PMLA, 2002, the ED arrested Lalit Tekchandani on March 18 last year. He is currently in judicial custody. His interrogation revealed that funds received from homebuyers were laundered for personal gain and used to create assets in various names, including those of his family members.
The ED investigation further disclosed that Tekchandani alienated the properties of M/s Supreme Construction & Developer Pvt Ltd despite exiting the company’s ownership and directorship, with the assistance of other accused individuals.
Additionally, the accused transferred company receivables into the accounts of associated entities, thereby siphoning off funds.
Further investigation in the matter is ongoing.
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