The Directorate of Enforcement (ED), Mumbai Zonal Office, has filed a charge sheet under the Prevention of Money Laundering Act (PMLA), 2002, before the Special Court (PMLA), Mumbai, against three promoters — Jayesh Vinod Tanna, Deep Vinod Tanna, and Vivek Jayesh Tanna — along with seven entities of the Sai Group, in connection with alleged fund diversion worth ₹43.73 crore from housing redevelopment projects across the Mumbai Metropolitan Region.

Background and Origins of the Case

The probe traces its origins to 2024, when Mumbai Police registered multiple First Information Reports (FIRs) under the Indian Penal Code (IPC) and the Maharashtra Ownership Flats Act (MOFA), 1963. The ED subsequently launched a parallel money laundering investigation, examining financial flows linked to several redevelopment projects.

According to the agency, the Sai Group's promoters allegedly collected funds from flat and shop buyers under the pretext of financing construction, but diverted the money away from the projects entirely — leaving buyers without promised housing units and investors without recourse.

Scale of Alleged Diversion and Affected Areas

The ED's investigation found that the alleged diversion of funds totalled ₹43.73 crore, affecting redevelopment projects in DN Nagar, Andheri, Kandivali, and Goregaon — all densely populated localities within Mumbai. The promoters are accused of misleading buyers, failing to deliver promised housing units, and breaching financial trust, according to the agency's findings.

Notably, this pattern — collecting buyer advances and diverting them before construction begins — has become one of the most common vectors of real estate fraud in the Mumbai Metropolitan Region, according to enforcement officials.

Assets Attached Under PMLA

To secure the alleged proceeds of crime, the ED invoked Section 5 of the PMLA and attached assets valued at ₹43.73 crore. The attached holdings include properties in Mumbai and Ahmednagar, as well as overseas assets in the United Kingdom — a detail that signals the alleged diversion extended beyond domestic borders.

What Happens Next

With the charge sheet now formally placed before the Special Court, the case will proceed to trial. The court will examine the evidence presented by the ED to determine the culpability of the three accused individuals and the seven Sai Group entities. The ED noted that such fraudulent practices not only damage the housing sector but also erode public trust in redevelopment schemes more broadly.

The filing reinforces a pattern of intensified enforcement action against real estate-linked money laundering cases, which authorities say have proliferated due to weak oversight of redevelopment fund flows. How the trial unfolds will be closely watched by homebuyer advocacy groups and the broader real estate industry in Maharashtra.