The Directorate of Enforcement (ED) Mumbai has issued Provisional Attachment Orders for movable and immovable properties, including a villa in Dubai, various residential and commercial premises in Mumbai, land parcels in Pune, and fixed deposits, with a total value of ₹44.07 crore. These assets are linked to builder Lalit Tekchandani and his associates in a money laundering case.
Tekchandani and 15 others have been booked under the Prevention of Money Laundering Act (PMLA) for allegedly cheating prospective flat buyers out of ₹400 crore.
“Interrogation revealed that the funds received from homebuyers were laundered by the builder for personal gains and to create assets under various names, including those of family members,” the ED chargesheet alleged.
The financial fraud investigation agency had earlier seized investments in shares, mutual funds, and fixed deposits valued at ₹158 crore.
According to the ED’s investigation, Tekchandani raised over ₹400 crore from more than 1,700 homebuyers for a housing project, which was then delayed, leaving buyers without their flats or refunds. The probe revealed that funds collected from homebuyers were misused for personal gain and used to create assets under different names, including those of family members.
The ED investigation was initiated based on two FIRs registered at Taloja and Chembur Police Stations under various sections of the Indian Penal Code (IPC). The FIRs allege that M/s Supreme Construction & Developer Pvt Ltd, represented by Tekchandani and others, collected massive funds from prospective homebuyers for a housing project in Taloja, Navi Mumbai. However, the accused allegedly siphoned off funds by transferring the company’s receivables into the accounts of an associate entity.
Lalit Tekchandani was arrested in March 2024 and is currently in judicial custody.
