Latest news with #JayeshTanna
Hindustan Times
5 days ago
- Business
- Hindustan Times
ED attaches assets worth £207k in UK as part of money laundering probe in cheating case
MUMBAI: The Enforcement Directorate (ED) has provisionally attached immovable assets worth GBP 2.07 lakh (around ₹2.3 crore), including a building and land, located in United Kingdom (UK) and belonging to one of the promoters of a real estate firm, as part of its money laundering investigation in an alleged ₹85.75 crore cheating case. The attached assets were in the form of agricultural land, residential flats, commercial shops and a bungalow, in Mumbai and Ahmednagar in Maharashtra. (HT Photo) The attached assets belong to Jayesh Tanna, one of the promoters of the Sai Group of entities and his wife, ED officials said. The accused entity and persons allegedly caused losses worth ₹85 crore to investors and prospective buyers of flats, among others, by siphoning off funds from certain redevelopment projects for their personal use, said ED officials. The attachments of the properties, including the building and the land, were done on Wednesday under provisions of the Prevention of Money Laundering Act (PMLA), the officials said. The attachment order was sent to UK's authorities for execution through the Mutual Legal Assistance Treaty between India and the UK, according to the agency. ED's investigation revealed that the attached assets were allegedly acquired by Tanna in 2017, the period when the crime being investigated by the ED occurred. Tanna acquired the assets by siphoning off a part of the case's proceeds of crime (POC), amounting to GBP 2.07 lakh, to the UK. The POC was allegedly generated by cheating and defrauding investors and flat buyers in the case, the officials said. ED registered its ECIR (Enforcement Case Information Report) in 2024 based on multiple cases registered by the Mumbai police under various sections of the Indian Penal Code. The Mumbai police's cases were registered against Tanna, Deep Tanna (the promoters of Sai group of entities) and a few others. Subsequently, the Mumbai police submitted their chargesheets in a majority of the cases they were investigating. ED's investigation so far in the case has revealed that the promoters of the Sai Group had allegedly indulged in malpractices involving the diversion of funds of flat and shop buyers, in a few of its proposed redevelopment projects, for their personal benefits, which resulted in the non-delivery of these projects. Such malpractices allegedly caused losses to buyers, old tenants (original society members) and investors of an estimated ₹85.75 crore in total. These projects in the probe were located in D N Nagar, Andheri, Kandivali and Goregaon in suburban Mumbai. So far, the ED has attached assets worth ₹35.65 crore in the case. Last month, the ED had attached provisionally assets worth ₹33.89 crore in the case. The attached assets were in the form of agricultural land, residential flats, commercial shops and a bungalow, in Mumbai and Ahmednagar in Maharashtra.
Time of India
6 days ago
- Business
- Time of India
ED attaches Sai grp promoters, family's properties in UK
Mumbai: The Enforcement Directorate (ED) attached immovable property in the UK belonging to Vinod Tanna and his family, in a money laundering case where they via their construction firm, Sai Group, had allegedly cheated flat buyers. The ED sent the provisional attachment details to the UK authorities through the Mutual Legal Assistance Treaty for implementation. The ED in a press release on Thursday stated their investigation revealed that the attached asset, comprising land and building, was acquired by Jayesh Tanna, in 2017 during the crime period by siphoning proceeds of crime amounting to GBP 207,000 to the UK, generated by cheating genuine investors and flat buyers in the case. The ED's investigation conducted so far revealed that promoters of Sai Group entities resorted to various malpractices to divert funds of flat and shop buyers in its proposed redevelopment projects for personal benefits, leading to non-delivery of the projects and causing wrongful loss to buyers, old tenants (original society members), and investors to the tune of Rs 85.75 crore. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Earlier, the ED had attached assets worth Rs 33.89 crore, including agricultural land, residential flats, commercial shops, and a bungalow in Mumbai and Ahmednagar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read More The ED initiated investigations based on multiple FIRs registered by city police against Jayesh Vinod Tanna, Deep Vinod Tanna (promoters of Sai Group entities), their family members and others for diverting funds of purchasers in its proposed redevelopment projects for personal benefits, thus cheating buyers of Rs 85.75 crore in its projects in D N Nagar, Andheri, Kandivli and Goregaon.
India Today
6 days ago
- Business
- India Today
ED attaches Indian couple's asset in UK worth Rs 85 crore in fraud case
The Directorate of Enforcement (ED), Mumbai Zonal Office attached immovable property located in England belonging to Vinod Tanna and his wife in a money laundering case linked to Sai group of entities under the provisions of the Prevention of Money Laundering Act (PMLA), to the ED, the property comprising land and building was acquired in 2017 by Jayesh Tanna through proceeds of crime amounting to Global British Pound 2.07 lakh, which were syphoned off to the UK. These funds were allegedly generated by cheating and defrauding genuine investors and flat ED initiated its probe in 2024 following multiple FIRs registered by the Mumbai Police against Jayesh Tanna, Deep Tanna (promoters of the Sai Group of entities), and others under various sections of the Indian Penal Code (IPC), 1860. The Mumbai Police has already filed chargesheets in most of these cases. The agency's investigation revealed that the Sai Group promoters engaged in various malpractices to divert funds collected from flat and shop buyers in their proposed redevelopment funds were allegedly used for personal gain, resulting in non-delivery of the projects and causing a wrongful loss of Rs 85.75 crore to buyers, old tenants (original society members), and investors in different areas of Mumbai, including D N Nagar, Andheri, Kandivali, and far, the ED has attached assets worth Rs 35.65 crore in connection with the case. Further investigation is underway.- Ends
NDTV
6 days ago
- Business
- NDTV
Indian Couple's UK Assets Worth Rs 85 Crore Attached In Real Estate Scam
New Delhi: The Mumbai zonal office of the Enforcement Directorate (ED) has attached an immovable property in the UK belonging to Vinod Tanna and his wife in connection with a money laundering case linked to the Sai Group of companies. The attachment was made on July 16 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. According to the ED, the attached assets - land and building in the UK - were acquired by Jayesh Tanna in 2017 using proceeds of crime amounting to approximately 2.07 lakh pounds. The funds were allegedly siphoned off through fraudulent means by cheating genuine investors and flat buyers during the crime period. The ED launched its investigation in 2024 based on multiple first information reports (FIRs) filed by the Mumbai Police. The FIRs named Jayesh Tanna, Deep Tanna, and others - promoters of the Sai Group - as the key accused. The Mumbai Police have already filed chargesheets in most of these cases. Investigations so far have revealed that the promoters of Sai Group misappropriated buyers' funds from their proposed redevelopment projects in Mumbai. The funds meant for construction and delivery were allegedly diverted for personal use, leading to the failure of project delivery. The scam has caused losses amounting to Rs 85.75 crore, affecting investors, original society members, and buyers across DN Nagar, Andheri, Kandivali, and Goregaon areas. With this latest action, the total value of assets attached by ED in this case stands at Rs 35.65 crore. Further investigation is underway, the ED said.
Hindustan Times
12-06-2025
- Hindustan Times
ED attaches properties worth ₹33.80 cr of city builder
MUMBAI: The Enforcement Directorate (ED) on Tuesday provisionally attached properties worth ₹33.80 crore belonging to builder Jayesh Tanna and his family members, and associate firms and companies, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Tanna has been accused of cheating flat buyers in his projects in DN Nagar, Andheri, Kandivali and Goregaon. The attached assets are in the form of agricultural land, residential flats, commercial tenements and bungalows in various parts of Mumbai and Ahmednagar district. ED had initiated the money laundering investigation on the basis of multiple FIRs registered by Mumbai police under various sections of the Indian Penal Code, 1860, against Jayesh Vinodkumar Tanna and his brother Deep Vinodkumar Tanna - both promoters of Sai Group of Entities, and others. Subsequently, chargesheets were filed by the police in the majority of the cases against them. ED investigation revealed that the promoters of Sai Group resorted to various malpractices to divert funds of flat/shop buyers, in its proposed redevelopment projects, for their personal benefits, leading to non-delivery of the projects and losses to buyers, old tenants (original society members) and investors to the tune of ₹85.75 crore in their various projects in the city and the suburbs. Earlier, on March 5, 2025, the agency had carried out searches at nine premises in Mumbai belonging to Sai Group, its promoters, their family members and associates, leading to recovery and seizure of various incriminating documents and details of illegitimately acquired assets.
