Mumbai, March 27 (NationPress) The Enforcement Directorate (ED) has confiscated residential flats, commercial shops, and office spaces linked to the Goregaon Pearl CHS Project, valued at Rs 41.70 crore, due to a fraudulent scheme involving homebuyers and investors in Goregaon, Mumbai, as confirmed by an official on Friday.

On March 25, the ED's Mumbai Zonal office provisionally attached these assets under the Prevention of Money Laundering Act (PMLA), 2002, according to a statement from the agency.

The seized properties consist of fully and partially constructed residential units, shops, and office spaces associated with the “Goregaon Pearl CHS Project,” the statement elaborated.

The investigation conducted under PMLA revealed that these assets were originally developed by Sai Siddhi Developers. Some of these constructed and partially constructed units were sold to external buyers in exchange for full or partial payment, as reported by the ED.

Unfortunately, these external buyers, who are the current victims, did not receive either the purchased units or any refunds. “Consequently, the funds acquired by Jayesh Tanna of Sai Siddhi Developers through deceitful practices against legitimate buyers are classified as the Proceeds of Crime for this case,” stated the ED.

The federal agency's investigation was prompted by multiple FIRs filed by the Mumbai Police under various sections of the IPC, 1860, relating to the “Goregaon Pearl CHS Project” against Sai Siddhi Developers, Jayesh Tanna, and others, as per the ED.

Additionally, the Mumbai Police has filed charge sheets in connection with these FIRs, according to the ED.

The ongoing investigation has uncovered that Jayesh Tanna, a principal partner of Sai Siddhi Developers, engaged in various malpractices to misappropriate funds received from flat and shop buyers for the Goregaon Pearl redevelopment project for personal gain.

This diversion of funds has resulted in a failure to deliver the project, causing a wrongful loss to the buyers amounting to Rs 47.51 crore, as noted by the ED.

In a related case involving Jayesh Tanna and associated firms of the Sai Group of Companies regarding other projects, the ED previously conducted searches at nine locations in Mumbai on March 5, 2025, as indicated in the statement.

Following this, the ED provisionally attached assets belonging to Jayesh Tanna, his family, and partner entities amounting to Rs 35.89 crore, which includes properties located in the UK (from a separate quantified Proceeds of Crime of Rs 45.75 crore in the other case against Jayesh Tanna and others), confirmed by the Adjudicating Authority under PMLA in New Delhi, as per the statement.