The Special PMLA Court in Mumbai took cognizance of the prosecution complaint filed by the ED, Mumbai Zonal Office against builder Lalit Tekchandani and 15 others in connection with a money laundering case.
According to the ED, the prosecution complaint was filed on May 15 under the provisions of the PMLA, 2002 for which the court took cognizance on May 29.
ED initiated an investigation based on 2 FIRs registered by Taloja Police Station and Chembur Police Station under various sections of IPC, 1860.
Furthermore, it has been alleged in the FIR that Supreme Construction and Developer Private Limited, a company represented by Tekchandani and others, collected huge funds from prospective home buyers in a housing project in Taloja, Navi Mumbai.
The home buyers were neither given flats nor was the money returned to them.
WHAT INVESTIGATION REVEALS?
ED investigation revealed that SCDPL collected huge funds of more than Rs.400 crore from several homebuyers in a housing project in Taloja, Navi Mumbai.
Delays in the project left these homebuyers in the lurch without a flat or refund.
Furthermore, ED investigation has revealed that Tekchandani alienated the properties of SCDPL despite his exit from the ownership and directorship of the company with the assistance of other accused persons.
ED investigation also revealed that accused persons were transferring the receivables of the company into the account of an associate entity thereby siphoning off the funds.
Lalit Tekchandani got arrested by ED on March 18, 2024.
PRESENTLY IN CASE
Currently, he is under judicial custody. His interrogation has revealed that the funds received from the homebuyers that were laundered by the builder for personal gains and the creation of assets in various names, including family members.
After identifying the proceeds of the crime, ED has earlier issued a provisional attachment order in respect of movable and immovable properties having an aggregate value of Rs 113.5 crore in the case.
ED also frozen or seized investments in shares, mutual funds or fixed deposits worth Rs.43 crore in the case.
The agency added that further investigation is underway.
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