Did ED Attach UK Property Linked to Mumbai Real Estate Scam Worth Rs. 85.75 Crore?
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Synopsis
The Enforcement Directorate has made a significant move by attaching a UK property linked to Vinod Tanna, shedding light on a substantial real estate scam in Mumbai involving Rs. 85.75 crore. This case emphasizes the urgent need for enhanced regulations in the redevelopment sector.
Key Takeaways
- ED attaches UK property linked to Mumbai scam.
- Fraud estimated at Rs. 85.75 crore.
- Investigation reveals extensive financial misconduct.
- Funds diverted for personal profit, affecting buyers.
- Need for stricter regulations in redevelopment projects.
New Delhi, July 17 (NationPress) The Enforcement Directorate (ED) has seized an immovable asset in England associated with Vinod Tanna and his wife, under the Prevention of Money Laundering Act (PMLA), 2002.
This action, executed on July 16, is part of a significant real estate fraud involving the Mumbai-based Sai Group. The ED reports that the property—a land and building in the UK—was acquired by Jayesh Tanna in 2017 with GBP 2.07 lakh (approximately Rs. 2.25 crore) misappropriated from deceived homebuyers and investors.
The funds, classified as Proceeds of Crime, were illicitly transferred to the UK during the commission of the crime. The investigation commenced in 2024 following numerous FIRs lodged by Mumbai Police against Jayesh Tanna, Deep Tanna—both promoters of the Sai Group—and others.
The FIRs were filed under various sections of the Indian Penal Code (IPC) for cheating and criminal breach of trust. The police have already submitted charge sheets in the majority of these cases. The ED's ongoing probe has unveiled a broad network of financial misconduct by the promoters of the Sai Group.
They are accused of misdirecting funds collected from buyers of flats and shops in several planned redevelopment projects for personal profit. This resulted in unfinished projects and significant financial losses for buyers, investors, and original society members.
The scam largely impacted redevelopment initiatives in Mumbai’s D N Nagar, Andheri, Kandivali, and Goregaon regions.
The total estimated fraud is pegged at Rs. 85.75 crore. To date, the ED has seized assets valued at Rs. 35.65 crore in connection with this case.
The attached property in the UK signifies a crucial international component in this investigation, underscoring the global dimensions of the laundering scheme.
The ED has confirmed that further inquiries are in progress to locate additional assets and funds. This case adds to the increasing number of real estate-associated money laundering investigations in Mumbai, highlighting the urgent need for stricter regulations and oversight in redevelopment projects.
Point of View
I recognize the critical nature of the ED's actions in this case, which highlights systemic issues in Mumbai's real estate sector. With significant financial implications for buyers and investors, it's imperative that we advocate for stronger regulatory measures to protect public interests.
NationPress
17/07/2025
Frequently Asked Questions
What is the total estimated fraud amount in the case?
The total estimated fraud is approximately Rs. 85.75 crore.
Who is involved in the real estate scam?
Key figures involved include Vinod Tanna, Jayesh Tanna, and Deep Tanna, all associated with the Sai Group.
What actions has the ED taken?
The ED has attached a property in England and is investigating the financial misappropriation linked to this case.
Which regions in Mumbai are affected by the scam?
The scam primarily impacts redevelopment projects in D N Nagar, Andheri, Kandivali, and Goregaon.
What do the FIRs entail?
FIRs were filed under various sections of the IPC for cheating and criminal breach of trust related to the scam.
