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By Divyesh Singh: The Enforcement Directorate (ED) has conducted several searches at six locations, including five residential premises at Madhya Pradesh’s Indore and a shell entity based out of Mumbai in connection with a money laundering case.
The case was recorded by the ED against Deepak Jain Madda and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
Based on multiple FIRs lodged in Indore, the ED initiated an investigation into the illegal sale and alienation of lands that belonged to housing co-operative societies by Deepak Jain Madda in connivance with other builders and developers.
During the search operations, the ED officials discovered and seized a cash amount of Rs 91.21 lakh, along with details of illegally acquired immovable properties valued at over Rs 250 crore (approximately), as well as various incriminating documents.
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The brief modus operandi of the case is that the accused people illegally sold and alienated hundreds of acres of prime land belonging to cooperative societies located in Indore.
These lands were originally acquired by housing cooperative societies to allot housing plots to their members. So far, the market value of these lands pertaining to numerous societies is estimated to be more than Rs 1,000 crore.
These lands were illegally sold to various people, causing massive losses to the housing society and thus depriving its members of their rightful ownership of plots.
The ED also revealed that several attempts were made to defraud the housing societies by siphoning away movable assets, such as bank accounts, etc.
Further investigation is underway.
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