ED searches Bengaluru builder on charges of siphoning off homebuyers’ money

Public TV English
Public TV English
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NEW DELHI: The Directorate of Enforcement (ED), Bengaluru has conducted search operations at eight locations in Bengaluru under the provisions of Prevention of Money Laundering Act (PMLA), 2002, at the residential premises of the promoters of Sanchaya Land and Estate Pvt. Ltd, and others.

According to the central enforcement agency, the searches were conducted at the accused persons Vijaya R Tata and his associates — R S Chandrasekhar, Muniraju K, D Nagendra Babu, Manjunath B S and also on the offices of the related companies — Sanchaya Land and Estate Pvt. Ltd., BCC Constructions Pvt. Ltd., Akash Education and Development Trust, S V Concrete Projects Pvt. Ltd.

During the search operations, bank accounts of the said persons and companies having present balance of about Rs 11.25 crore were seized/frozen by the ED. The searches have also resulted in seizure of documents related to immovable/movable properties worth Rs 120 crore (approx.) and digital devices containing information related to investigation.

The ED said it initiated investigation on the basis of an FIR registered by Bengaluru police under various sections of IPC, 1860 and Karnataka Protection of Interest Depositors Exorbitant (KPIDE) Act, 2004 against Sanchaya Land and Estates Pvt. Ltd. and others.

It was alleged in the FIR that Sanchaya Land and Estates Pvt. Ltd. and others collected huge amount of funds from the home-buyers by promising to give them apartments, but neither apartments were given nor funds were returned to the customers.

The ED investigation revealed that Sanchaya Land and Estates Pvt. Ltd. and others collected more than Rs 250 crore from the customers by promising give them apartments. However, ED said the accused persons siphoned off substantial part of the said funds to themselves and their associates after routing of funds through various entities, thereby failing to deliver apartments to the customers. (ANI)

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