New Delhi: The Enforcement Directorate (ED) has attached an immovable property in England, linked to Vinod Tanna and his wife, under the Prevention of Money Laundering Act (PMLA), 2002.
The action, taken on July 16, pertains to a major real estate scam involving Mumbai-based Sai Group. According to the ED, the asset – a land and building in the UK – was purchased by Jayesh Tanna in 2017 using GBP 2.07 lakh (approximately Rs. 2.25 crore) siphoned off from defrauded homebuyers and investors.
The funds, deemed Proceeds of Crime, were illegally routed to the UK during the crime period. The probe began in 2024 following multiple FIRs registered by Mumbai Police against Jayesh Tanna, Deep Tanna – both promoters of Sai Group – and others.
The FIRs were filed under various sections of the Indian Penal Code (IPC) for cheating and criminal breach of trust. Police have already filed charge sheets in most of these cases. The ED’s ongoing investigation has revealed a wide network of financial misappropriation by the Sai Group promoters.
They allegedly diverted funds collected from flat and shop buyers in several proposed redevelopment projects for personal gain. This led to incomplete projects and massive financial losses to buyers, investors, and original society members.
The scam primarily affected redevelopment projects in Mumbai’s D N Nagar, Andheri, Kandivali, and Goregaon areas.
The total estimated fraud stands at Rs. 85.75 crore. So far, the ED has attached assets worth Rs. 35.65 crore in the case.
The attached UK property marks a significant international link in the case, highlighting the global reach of the laundering operation.
The ED has confirmed that further investigations are underway to trace additional assets and funds. This case adds to the growing list of real estate-linked money laundering probes in Mumbai, underscoring the need for tighter regulations and oversight in redevelopment projects.
(IANS)
