Builder Lalit Tekchandani accused of 400 crore housing scam, ED took big action

ED Action on Mumbai Builder: The Enforcement Directorate (ED) regional office Mumbai has taken major action against the builder Lalit Tekchandani and his associates in the money laundering case. In this sequence, the ED is under provisional order to attach several assets under the Money Prevention Act (PMLA). These include a villa in Dubai, several residential and commercial projects in Mumbai, several movable and real estate, land parcels and fixed deposits in Pune. Their total price is Rs 44.07 crore.

400 crores fraud from flat buyers

A case has been registered against Tekchandani and his 15 colleagues for cheating Rs 400 crore from those who buy flats. The charge sheet of the ED has been accused, interrogation has revealed that Tekchandani used this money to buy assets in the name of himself and his family members. In this case of financial fraud, the ED had earlier seized an investment of Rs 158 crore in shares, mutual funds and fixed deposits.

Money from more than 1,700 people

According to the ED investigation, Tekchandani raised more than Rs 400 crore from more than 1,700 home buyers for a housing project. Later the buyers neither got the flat nor the refund. Investigation revealed that the money taken from the buyers of the house has been used to buy property under different names. These include the names of Tekchandani’s family members.

Tekchandani arrested in March 2024

The ED started this investigation on the basis of two FIRs lodged in Taloja and Chembur police stations under various sections of the Indian Penal Code (IPC). It has been alleged in the FIR that several other people including Tekchandani together took money from those who bought a house for a housing project in Taloja, Navi Mumbai. Lalit Tekchandani was arrested in March 2024 and is currently in judicial custody.

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