Mumbai : In a significant move to clamp down on real estate-linked financial frauds, the Enforcement Directorate (ED), Mumbai Zonal Office, has provisionally attached assets worth ₹33.89 crore belonging to Jayesh Vinodkumar Tanna, his family members, and his associate companies under the Prevention of Money Laundering Act (PMLA), 2002.
The attached assets include agricultural land, residential flats, commercial shops, and a bungalow, spread across Mumbai and Ahmednagar, marking a decisive step in the ongoing investigation into large-scale financial irregularities in the real estate redevelopment sector.
FIRs and Fraud: Misuse of Buyer Funds in Mumbai Projects
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.
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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.
ED Seizure Operation Uncovered Illegally Acquired Properties
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.
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Next Steps: ED Investigation Continues to Trace Wider Network
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. The agency is also collaborating with state police and financial institutions to uncover the full scope of the scam.
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.