ED Takes Action: Properties Worth Rs. 3.06 Crore Seized in Alleged Fraud Case
(Judicial Quest News Network)
7, June 2024, New Delhi: In a significant development, the Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached 05 immovable properties valued at Rs. 3.06 Crore, belonging to M/s Tulsiani Constructions and Developers Pvt. Ltd., under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These properties, located in Prayagraj, Uttar Pradesh, consist of Agriculture Land/Plots, all registered under the name of M/s Tulsiani Constructions and Developers Pvt. Ltd.
The investigation was initiated based on an FIR registered by the Uttar Pradesh Police under various sections of the IPC, 1860, related to cheating and forgery. The accused, Anil Kumar Tulsiani and Mahesh Kumar Tulsiani, both Directors of M/s Tulsiani Constructions and Developers Pvt. Ltd., are at the center of the allegations.
It is alleged that M/s Tulsiani Construction & Developers Private Limited, engaged in the construction and sale of flats, deceived four purchasers who had obtained a home loan totaling Rs. 4.63 Crore from Punjab National Bank (PNB), Lucknow. Despite receiving the entire loan amount directly from the bank, the flats were neither delivered to the buyers nor returned to the bank upon loan default.
ED’s investigation unveiled a pattern wherein M/s Tulsiani Constructions and Developers Pvt. Ltd. diverted PNB loan funds to its other accounts and affiliated companies, leaving flat purchasers in a precarious situation. The siphoned funds were utilized to settle other debts, while the promised flats remained undelivered. To address this alleged financial malpractice, properties of equivalent value have been attached by the ED.
As the investigation progresses, ED remains committed to uncovering the truth behind the alleged fraud, ensuring justice for all affected parties.
