New Delhi: The Enforcement Directorate (ED) on Monday said that it has provisionally attached movable and immovable assets worth Rs 24.39 crore belonging to the Sanskar Group, a proprietorship concern of Manish Sharma, Navin Beri, his partnership firm Lavanya Travels and Arvind Chadha, in connection with its probe into the money laundering cases initiated against them.
The attached assets are in the form of villas and flats in Goa, flats and office space in Delhi and Faridabad, and fixed deposits.
The ED initiated the money laundering investigation on the basis of multiple FIRs registered by the Goa Police under various sections of the IPC against Sharma, Beri and Chadha for duping investors to the tune of Rs 10 crore by promising them villas in Banjara Hills Project, which was to be developed by the Sanskar Group in Anjuna, Goa.
The ED learnt during the investigation that Sharma entered into an agreement to ‘sale’ and ‘sale deed’, executed before the civil-cum-sub registrar, with the buyers promising to deliver them the villas within a stipulated time. However, when the project was completed about 60-70 per cent, Sharma and Beri in connivance with the bank manager of Jammu and Kashmir Bank mortgaged the Banjara Hills project to Jammu and Kashmir Bank Ltd, Panaji and availed a loan of Rs 20 crore by submitting false documents.
Thereafter, the loan amount was further diverted to the bank accounts of Sharma, Beri, his partnership firm Lavnaya Travels and Arvind Chadha.
This money was utilised by them for their own use. The bank declared the said loan account as NPA.
(IANS)
