Mumbai: Residential flats, commercial shops and office space relating to the Goregaon Pearl CHS Project and worth Rs 41.70 crore were seized by the ED in a fraud with homebuyers and other investors in Goregaon, Mumbai, an official said on Friday.
The Directorate of Enforcement (ED), Mumbai Zonal office, provisionally attached assets/properties on March 25, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the ED said in a statement.
The attached assets include complete / partially constructed residential flats, commercial shops and office space relating to “Goregaon Pearl CHS Project”, said the statement.
The PMLA Investigation revealed that the attached assets were initially developed by Sai Siddhi Developers, and part of such constructed/partly constructed assets were also sold to outside buyers against receipt of full/partial sale consideration, the ED said.
However, such outside buyers who are the present victims in the case neither received the sold units nor any refunds. “Therefore, the funds received by Jayesh Tanna of Sai Siddhi Developers, by cheating/defrauding the genuine outside buyers, represent the Proceeds of Crime in the case,” the ED said.
The federal agency initiated an investigation on the basis of multiple FIRs registered by Mumbai Police under various sections of IPC, 1860, relating to “Goregaon Pearl CHS Project” against Sai Siddhi Developers, Jayesh Tanna and others, the ED said.
Subsequently, charge sheets have also been filed by the Mumbai Police in such FIRs, the ED said.
The ED investigation conducted so far revealed that the key partner of Sai Siddhi Developer — Jayesh Tanna — resorted to various malpractices to divert funds obtained from flat/shop buyers, in its proposed redevelopment project, namely, Goregaon Pearl, for his personal benefits.
The diversion of funds led to non-delivery of the project and wrongful loss to buyers to the tune of Rs 47.51 crore, the ED said.
Earlier, in a separate case against Jayesh Tanna and associate entities of Sai Group of Companies relating to other projects, the ED had conducted a search operation at nine premises in Mumbai on March 5, 2025, said the statement.
Subsequently, the ED provisionally attached assets of Jayesh Tanna, his family members and associate entities to the tune of Rs 35.89 crore, including assets situated in the UK (out of a separate quantified PoC of Rs 45.75 crore in the other case against Jayesh Tanna and others), which stands confirmed by the Adjudicating Authority under PMLA, New Delhi, said the statement.
(IANS)
