ED Attaches Sai Group Promoters' UK Properties in Money Laundering Case

Mumbai: The Enforcement Directorate (ED) has taken a significant step in a money laundering case involving the Sai Group. The ED has attached immovable properties in the UK belonging to Vinod Tanna and his family. This move comes as part of an ongoing investigation into the alleged fraudulent activities of the Sai Group, which has cheated numerous flat buyers.

The ED sent the provisional attachment details to the UK authorities through the Mutual Legal Assistance Treaty for implementation. According to the ED's press release on Thursday, their investigation revealed that the attached asset, comprising land and building, was acquired by Jayesh Tanna in 2017 during the crime period. The proceeds of crime amounting to GBP 207,000 were siphoned to the UK, generated by cheating genuine investors and flat buyers in the case.

The ED's investigation has uncovered that the promoters of Sai Group entities engaged in various malpractices to divert funds of flat and shop buyers in their proposed redevelopment projects for personal benefits. This led to the non-delivery of the projects and caused wrongful loss to buyers, old tenants (original society members), and investors to the tune of Rs 85.75 crore.

Earlier, the ED had already attached assets worth Rs 33.89 crore, including agricultural land, residential flats, commercial shops, and a bungalow in Mumbai and Ahmednagar. These attachments are part of the broader efforts to recover the funds and bring the perpetrators to justice.

The ED initiated investigations based on multiple FIRs registered by city police against Jayesh Vinod Tanna, Deep Vinod Tanna (promoters of Sai Group entities), their family members, and others. The FIRs were filed for diverting funds of purchasers in their proposed redevelopment projects for personal benefits, thus cheating buyers of Rs 85.75 crore in projects located in D N Nagar, Andheri, Kandivli, and Goregaon.

This case highlights the importance of regulatory oversight in the real estate sector to protect the interests of genuine buyers and investors. The ED's actions demonstrate a commitment to combating financial crimes and ensuring that those who engage in fraudulent activities are held accountable.