ED Freezes ₹33.89 Crore Assets in Mumbai Real Estate Scam
The Enforcement Directorate (ED) has provisionally attached assets worth ₹33.89 crore belonging to Jayesh Tanna and his associates in a ₹85.75 crore real estate redevelopment scam in Mumbai.
Real Estate FraudEd AttachmentMumbai RedevelopmentPmlaAsset SeizureReal Estate MumbaiJun 11, 2025
The investigation stems from multiple FIRs registered by the Mumbai Police against Jayesh Tanna, his brother Deep Vinodkumar Tanna, and others—key promoters of the Sai Group of Entities—under various sections of the Indian Penal Code (IPC), 1860. These complaints were primarily filed by homebuyers, investors, and old tenants in Mumbai. According to ED findings, the promoters diverted substantial funds collected from flat and shop buyers in their proposed redevelopment projects in areas like D N Nagar, Andheri, Kandivali, and Goregaon. Instead of completing the projects, the accused allegedly siphoned off the money for personal gain and illegitimate investments, leading to non-completion and non-delivery of housing units.
The total estimated wrongful loss caused to buyers, investors, and original society members stands at a staggering ₹85.75 crore. Earlier in the probe, on March 5, 2025, the ED had conducted search operations at nine premises linked to the Sai Group, including properties and offices belonging to Jayesh Tanna, his family, and associates in Mumbai. The raids resulted in the seizure of incriminating documents, financial records, and details of undisclosed assets, which have now been linked to the money laundering operation.
The current attachment of ₹33.89 crore worth of properties was made after thorough scrutiny of ownership records, financial transactions, and the source of funds used for asset purchases. The attached properties were determined to have been acquired using proceeds of crime generated through redevelopment scams and buyer fund diversion. The ED has confirmed that its investigation is ongoing, with efforts underway to trace additional assets, financial beneficiaries, and possible shell companies involved in laundering the diverted funds.
This case underscores growing concerns over misuse of funds in Mumbai’s high-value redevelopment sector, where regulatory gaps and poor enforcement have historically left buyers and tenants vulnerable to fraudulent practices. As the ED moves toward possible prosecution under the PMLA, the provisional attachment of assets is expected to pave the way for final confiscation upon adjudication, ensuring restitution for affected buyers and reinforcing accountability in the real estate domain.
Frequently Asked Questions
What is the total amount of assets attached by the ED?
The ED has provisionally attached assets worth ₹33.89 crore.
Who are the key individuals involved in the fraud?
The key individuals involved are Jayesh Vinodkumar Tanna, his brother Deep Vinodkumar Tanna, and other associates of the Sai Group of Entities.
What is the estimated loss caused to the victims?
The total estimated wrongful loss caused to buyers, investors, and original society members stands at ₹85.75 crore.
Where were the properties attached?
The properties were attached across Mumbai and Ahmednagar, including agricultural land, residential flats, commercial shops, and a bungalow.
What is the next step in the ED’s investigation?
The ED is continuing to trace additional assets, financial beneficiaries, and possible shell companies involved in laundering the diverted funds.
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