ED Cracks Down on Monarch Universal Group: Attaches Properties Worth Rs 52.73 Crore in Navi Mumbai
Mumbai, 11th May 2024: On Thursday, the Enforcement Directorate (ED) took action by provisionally attaching immovable properties valued at Rs 52.73 crore in Navi Mumbai, as part of its investigation into a money laundering case involving the real estate conglomerate Monarch Universal Group.
The ED initiated its inquiry based on multiple FIRs filed by the Maharashtra Police against Monarch Universal Group, Gopal Amarlal Thakur, Hasmukh Amarlal Thakur, and others. These FIRs accused them of deceiving and defrauding genuine flat buyers who had invested money for purchasing flats that were not registered in their names.
During its probe, the ED discovered that builder Gopal Amarlal Thakur had redirected substantial sums of money, collected from investors, to various sister entities through intricate money trails. The central agency identified several builders in Navi Mumbai, including Baba Homes Builders and Developers, Lakhani Builders Pvt. Ltd, and Monarch Solitaire LLP, as recipients of these illicit funds.
Furthermore, the ED’s investigation unveiled instances where the Monarch Group and its directors unlawfully sold the same flats to multiple buyers. Additionally, they obtained loans from non-banking financial companies (NBFCs) by pledging the already sold flats without informing the customers.
Gopal Amarlal Thakur was apprehended by the agency in July 2021 and remains in judicial custody. The ED has also filed a prosecution complaint against him in connection with the case.
