Economic Fraud
ED Raids Sai Group in Rs 72 Crore Real Estate Scam, Seizes Key Documents
In a major crackdown on financial fraud, the Enforcement Directorate (ED) conducted searches at nine locations in Mumbai linked to Sai Group of Companies and its promoters. Acting under the Prevention of Money Laundering Act (PMLA), the agency is investigating an alleged Rs 72 crore fraud involving flat buyers, as flagged in multiple police complaints.
Raids Target Key Players & Properties
The operation focused on properties and assets connected to Jayesh Vinodkumar Tanna, his family members, and associates. ED officials seized crucial documents revealing extensive holdings, including land, bungalows, and flats across Maharashtra, as well as assets overseas.
Misuse of Funds in Redevelopment Projects
The probe stems from complaints lodged against Jayesh Tanna, Deep Vinodkumar Tanna, and others, accusing them of misappropriating funds meant for redevelopment and Slum Rehabilitation Authority (SRA) projects. Their alleged financial misconduct caused significant delays and losses for homebuyers, tenants, and investors.
Attempts to Sell Illicit Assets Unearthed
During the raids, investigators discovered records suggesting attempts to offload properties potentially linked to crime proceeds. Both digital and physical documents were seized as part of the evidence collection.
Investigation Intensifies
The ED’s probe is still underway, with officials expected to track the money trail and uncover further financial irregularities. As enforcement agencies tighten their grip, more revelations about the fraudulent dealings of the Sai Group may soon emerge.