ED Attaches Rs 44 Crore Worth of Assets from Lalit Tekchandani in Ongoing Money Laundering Probe

The Enforcement Directorate (ED) has attached assets worth Rs 44 crore belonging to builder Lalit Tekchandani and his associates in a money-laundering investigation. The attached assets include a villa in Dubai, multiple properties in Mumbai, land in Pune, and fixed deposits. The ED is set to notify Dubai authorities to prevent the sale or transfer of the villa.

The investigation originates from legal complaints filed by homebuyers two years ago, accusing Tekchandani of fraud. Earlier, the ED had frozen and seized investments worth Rs 158 crore in connection with the case. The recent attachment of assets is part of the agency’s ongoing efforts to track and recover funds allegedly siphoned through fraudulent activities.

Tekchandani, a known figure in the real estate sector, was arrested earlier as part of the probe. The ED’s investigation into financial transactions linked to him and his associates revealed the movement of large sums across various properties and bank accounts. Authorities suspect these funds were laundered through real estate transactions, including the acquisition of high-value assets abroad.

The attached assets include residential and commercial properties in Mumbai, land parcels in Pune, and a Dubai villa, all under the ED's legal scrutiny. To ensure the property in Dubai remains intact, the ED will coordinate with authorities there via official legal channels.

The case against Tekchandani gained momentum after multiple homebuyers reported financial mismanagement and fraud in real estate transactions. Investigations uncovered irregularities in fund allocation, prompting the ED’s involvement under the Prevention of Money Laundering Act (PMLA). Authorities are examining the extent of financial diversions and the role of Tekchandani’s associates in these dealings.

Legal proceedings are expected to continue, with authorities working to recover misappropriated funds. If further evidence emerges, additional actions may be taken against Tekchandani’s associates. This case highlights the broader efforts to curb financial irregularities in the real estate sector and prevent illicit money laundering through property acquisitions.

The ED remains committed to tracking and confiscating assets linked to financial fraud, aiming to protect homebuyers and investors from deceptive practices. This action against Tekchandani aligns with the agency’s broader mission to strengthen financial transparency in real estate and hold fraudulent entities accountable.