Mumbai: ED Attaches Rs 44.07 Crore Worth of Assets Linked to Builder Lalit Tekchandani in Fraud Case
Mumbai, 29th March 2025: The Enforcement Directorate (ED) Mumbai Zonal Office has provisionally attached movable and immovable assets linked to builder Lalit Tekchandani and his associates under the Prevention of Money Laundering Act (PMLA), 2002. The action is related to an alleged fraud involving prospective homebuyers.
The attached assets include a villa in Dubai, multiple residential and commercial properties in Mumbai, land parcels in Pune, and fixed deposits, collectively valued at ₹44.07 crore. Additionally, investments in shares, mutual funds, and fixed deposits worth ₹158 crore have already been frozen or seized in connection with the case.
The ED initiated its probe following two FIRs registered at Taloja and Chembur police stations under various sections of the Indian Penal Code (IPC), 1860. These complaints accused M/s Supreme Construction & Developer Pvt Ltd, represented by Tekchandani and others, of collecting large sums from homebuyers for a Taloja-based housing project that never materialized.
Investigators discovered that the company amassed over ₹400 crore from approximately 1,700 buyers yet failed to deliver the promised flats or issue refunds.
Tekchandani was arrested under PMLA provisions on March 18, 2024, and remains in judicial custody. His questioning revealed that the funds collected from buyers were diverted for personal enrichment and used to acquire properties under various names, including those of family members.
Further findings suggest that despite formally stepping down as owner and director of M/s Supreme Construction & Developers Pvt Ltd, Tekchandani, along with his associates, continued to unlawfully transfer and alienate company assets. Additionally, funds were allegedly misappropriated by routing company receivables into accounts of an affiliated entity.
The investigation remains ongoing.
