ED Seizes UK Property Linked to Mumbai Real Estate Scam Worth Rs. 85.75 Crore
The Enforcement Directorate (ED) has attached a property in England linked to Vinod Tanna and his wife, under the Prevention of Money Laundering Act (PMLA), 2002. This move is part of a major real estate scam involving the Mumbai-based Sai Group.
EdReal Estate ScamMoney LaunderingSai GroupMumbaiReal Estate MumbaiJul 17, 2025
The action, taken on July 16, pertains to a major real estate scam involving Mumbai-based Sai Group. According to the ED, the asset – a land and building in the UK – was purchased by Jayesh Tanna in 2017 using GBP 2.07 lakh (approximately Rs. 2.25 crore) siphoned off from defrauded homebuyers and investors.
The funds, deemed Proceeds of Crime, were illegally routed to the UK during the crime period. The probe began in 2024 following multiple FIRs registered by Mumbai Police against Jayesh Tanna, Deep Tanna – both promoters of Sai Group – and others.
The FIRs were filed under various sections of the Indian Penal Code (IPC) for cheating and criminal breach of trust. Police have already filed charge sheets in most of these cases. The ED’s ongoing investigation has revealed a wide network of financial misappropriation by the Sai Group promoters.
They allegedly diverted funds collected from flat and shop buyers in several proposed redevelopment projects for personal gain. This led to incomplete projects and massive financial losses to buyers, investors, and original society members.
The scam primarily affected redevelopment projects in Mumbai’s D N Nagar, Andheri, Kandivali, and Goregaon areas.
The total estimated fraud stands at Rs. 85.75 crore. So far, the ED has attached assets worth Rs. 35.65 crore in the case.
The attached UK property marks a significant international link in the case, highlighting the global reach of the laundering operation.
The ED has confirmed that further investigations are underway to trace additional assets and funds. This case adds to the growing list of real estate-linked money laundering probes in Mumbai, underscoring the need for tighter regulations and oversight in redevelopment projects.
Frequently Asked Questions
What is the Prevention of Money Laundering Act (PMLA)?
The Prevention of Money Laundering Act (PMLA) is a law in India designed to prevent money laundering and to provide for the confiscation of property derived from, or involved in, money-laundering.
Who are Vinod Tanna and Jayesh Tanna?
Vinod Tanna and Jayesh Tanna are promoters of the Mumbai-based Sai Group, which is involved in a major real estate scam. They are accused of siphoning off funds from defrauded homebuyers and investors.
What is the total estimated fraud amount in the Sai Group scam?
The total estimated fraud amount in the Sai Group scam is Rs. 85.75 crore.
What areas in Mumbai were affected by the Sai Group's redevelopment projects?
The scam primarily affected redevelopment projects in Mumbai’s D N Nagar, Andheri, Kandivali, and Goregaon areas.
How much has the ED attached in assets so far in this case?
So far, the ED has attached assets worth Rs. 35.65 crore in the Sai Group real estate scam case.
Related News Articles
Grip Invest: Revolutionizing Alternative Fixed Income Investments in India
Grip Invest, an alternative fixed income online investment platform, has crossed ₹1,000 crore in assets under management (AUM) and is poised to tap into the vast pool of funds locked in bank fixed deposits (FDs) by offering secure, high-yield options to i
Bharti Real Estate Sticks to North India Focus Amidst Pan-India Expansion Trend
Bharti Real Estate will not expand beyond its home market in North India, unlike its peers, and will instead focus on building a $2 billion business district near Delhi airport.
Happy Birthday Virat Kohli: A Glimpse into His Impressive Real Estate Portfolio
Known for his exceptional cricketing skills and off-field charisma, Virat Kohli is also a shrewd investor with a diverse collection of luxury homes and high-end assets. Let's take a closer look at his property portfolio.
Navigating Low Mortgage Rates: A Real-Estate Investor's Perspective
Discover how a savvy real-estate investor managed to secure a 2.75% mortgage rate in a market where rates are averaging 7%. Learn the strategies and insights that can help you achieve similar success.
Trump’s Victory in 2024 US Elections Brings 'Trump Towers' to Bengaluru, Mumbai, Pune, and Three Other Indian Cities
Following Donald Trump's victory in the 2024 US presidential elections, India is poised to become the largest hub for Trump Towers outside the United States, with major projects planned for Bengaluru, Mumbai, Pune, and three other Indian cities.
Outlook 2025: Indian Real Estate Poised for Growth and Innovation
India's real estate market is set to undergo a significant transformation by 2025, with industrial, warehousing, and alternative asset classes leading the way.