Indian Builder's Fraud Unveiled: Assets Seized Amid Money Laundering Scandal

The Enforcement Directorate (ED) has attached assets worth Rs 44 crore belonging to a Maharashtra-based builder, Lalit Tekchandani, under the anti-money laundering law. Tekchandani allegedly duped 1,700 homebuyers in Navi Mumbai, laundering funds for personal gain and creating assets under various names, as part of a Rs 400 crore scam.

The Enforcement Directorate (ED) has attached assets valued at Rs 44 crore in connection to a money laundering case involving a builder from Maharashtra. The assets include a villa in Dubai and properties in Mumbai and Pune, linked to a scam affecting 1,700 homebuyers, authorities reported on Saturday.

Spearheaded by Supreme Construction and Developer Pvt Ltd, and its promoter Lalit Tekchandani, the alleged fraud collected Rs 400 crore from homebuyers for a project in Navi Mumbai. Despite promises, the homebuyers were left without homes or refunds, the federal agency stated.

Tekchandani, arrested last March, was found to have laundered the funds for personal gain, creating assets under various names. The ED's investigation revealed he transferred company receivables to an associate entity, siphoning funds unlawfully. Previously, the agency had attached assets worth Rs 158 crore under the Prevention of Money Laundering Act.

(With inputs from agencies.)