ED issues PAO in money laundering case involving builder Lalit Tekchandani

New Delhi, April 19 (IANS) The Enforcement Directorate (ED) has issued a provisional attachment order (PAO) regarding movable and immovable properties, including a villa at Aambey Valley, various residential and business premises in Mumbai, land parcels in Raigarh district, and FDs valued at Rs 113.5 crore, linked to a builder named Lalit Tekchandani and his associates under the PMLA in a case of cheating prospective homebuyers.

The agency has already frozen/seized investments in shares, mutual funds, and fixed deposits worth Rs 43 crore in this case.

The ED initiated the investigation based on two FIRs registered by the police in Maharashtra.

The FIRs alleged that Supreme Construction & Developer Pvt Ltd, a company represented by Tekchandani and others, collected huge funds from prospective homebuyers in a housing project at Taloja in Navi Mumbai.

”The probe revealed that Supreme Construction collected funds amounting to more than Rs 400 crore from more than 1,700 homebuyers in a housing project at Taloja. Delays in the project left these homebuyers in the lurch without flats or refunds,” an ED statement said on Thursday.

Tekchandani was arrested by the ED on March 18 under the provisions of the PMLA. He is presently under judicial custody.

“His interrogation revealed that the funds received from the homebuyers were laundered by the builder for personal gains and creation of assets in various names, including family members,” the ED statement said.

Tekchandani allegedly alienated the properties of Supreme Construction despite his exit from the ownership and directorship of the company with the assistance of the other accused persons.

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