ED Attaches Sai Group Promoters' UK Properties in Money Laundering Case
The Enforcement Directorate (ED) has attached immovable properties in the UK belonging to Vinod Tanna and his family, in a money laundering case involving the Sai Group's alleged cheating of flat buyers.
EdSai GroupMoney LaunderingProperty AttachmentUkReal Estate MumbaiJul 17, 2025
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.
Frequently Asked Questions
What is the Enforcement Directorate (ED)?
The Enforcement Directorate (ED) is a law enforcement agency in India that investigates financial crimes, including money laundering and violations of the Foreign Exchange Management Act (FEMA).
Who are the main promoters of the Sai Group?
The main promoters of the Sai Group are Jayesh Vinod Tanna and Deep Vinod Tanna.
What is the value of the property attached in the UK?
The value of the property attached in the UK is GBP 207,000.
How much total loss did the Sai Group's fraud cause to buyers and investors?
The total loss caused to buyers and investors by the Sai Group's fraud is Rs 85.75 crore.
What other assets have been attached by the ED in this case?
The ED has already attached assets worth Rs 33.89 crore, including agricultural land, residential flats, commercial shops, and a bungalow in Mumbai and Ahmednagar.
Related News Articles
Mumbai Real Estate Giant Macrotech Developers Sees 20% Surge in Q1 Sales
Strong housing demand drives Macrotech Developers' Q1 sales up 20% to Rs 4,030 crore, with a focus on Mumbai Metropolitan Region and Pune
Stable RBI Stance Boosts Real Estate Sector and Homebuyers
The RBI's decision to keep the repo rate unchanged at 6.5% for the ninth consecutive time has been welcomed by property developers, who believe it will create a stable environment for the real estate sector.
Former Motilal Oswal Executive Sharad Mittal's Latest Fund: A Dual Asset Deployment Strategy
Arnya RealEstates Fund Advisors, a Mumbai-based real estate asset management fund led by former Motilal Oswal Real Estate executive Sharad Mittal, plans to deploy capital in mid-income residential projects and luxury housing.
Equity Investments in Real Estate Reach $8.9 Billion in Nine Months
Chennai: The real estate sector witnessed a six-year high in equity investments, reaching $8.9 billion in the first nine months of 2024, surpassing the total investments of 2023.
The Power Behind BJP’s Triumph in Maharashtra: ‘Sajag Raho’
In the grand scheme of the BJP's historic win in Maharashtra, one crucial element outshines the rest: the ‘Sajag Raho’ initiative. This silent yet powerful force played a pivotal role in shaping the party's victory.
Bajaj Housing Finance Shares Drop 6% as 12 Million Shares Hit Market After Lock-In Period
Bajaj Housing Finance shares experienced a significant dip of 6% as the three-month lock-in period for anchor investors ended, leading to a surge in shares available on the market.