New Delhi [India], May 12 : Directorate of Enforcement (ED) on Friday conducted searches at six premises in Madhya Pradesh and Maharashtra in a Money Laundering Case under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA)
The six locations include five residential premises in Indore and one premise of a Mumbai-based Shell entity in a case recorded by ED against Deepak Jain Madda and others.
"ED initiated an investigation on the basis of various FIRs lodged in Indore in the case of the illegal sale and alienation of the lands of Housing Co-operative Societies by Deepak Jain Madda in connivance with other builders and developers," ED said in a statement.
The brief modus operandi of the said case is that the accused persons in connivance with each other illegally sold and alienated hundreds of Acres of Prime land belonging to Co-operative Societies located in Indore, Madhya Pradesh.
"These lands were originally acquired by housing cooperative societies to allot housing plots to their own members. As of date, the market value of these lands pertaining to numerous societies is estimated to be more than one thousand Crore. These lands were siphoned away and were subsequently sold to various accused persons causing massive loss to the housing society and thus depriving its members of their rightful ownership of Plots. Several attempts of defrauding the Society by siphoning away the movable assets such as bank accounts etc of the Housing Societies have also come to notice," the statement read.
During the searches, the cash amount of Rs 91.21 lakhs, details of illegally acquired immovable properties worth more than Rs 250 Crore (approx) and various incriminating documents were recovered and seized.
Further investigation is under progress.
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