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ED Seizes Rs 52 Crore Worth Properties in Mumbai Housing Fraud Scandal

Enforcement Directorate (ED) has taken decisive action in the ongoing investigation into a housing fraud case involving the Monarch Universal Group, a prominent real estate entity in Mumbai.

By: Team Pardaphash  Pardaphash Group
Updated:
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ED Seizes Rs 52 Crore Worth Properties in Mumbai Housing Fraud Scandal

Mumbai Housing Fraud Scandal: In a significant development, the Enforcement Directorate (ED) has taken decisive action in the ongoing investigation into a money laundering case involving the Monarch Universal Group, a prominent real estate entity based in Mumbai. The ED’s recent move saw the provisional attachment of immovable properties valued at Rs 52.73 crore located in Navi Mumbai.

Initiation of Probe: Multiple FIRs Spark ED Investigation

The ED’s inquiry stems from multiple First Information Reports (FIRs) lodged by the Maharashtra Police against Monarch Universal Group, along with individuals including Gopal Amarlal Thakur and Hasmukh Amarlal Thakur. These FIRs accuse the group of duping legitimate flat buyers by accepting payments for flats without completing the necessary registrations.

Bollywood Glitz Masks Fraudulent Schemes

Operating with a veneer of legitimacy, Monarch Universal Group enticed buyers into its projects by leveraging the endorsement of a top Bollywood actress. However, investigations revealed a darker truth beneath the glitzy facade, with numerous investors falling victim to fraudulent practices.

Money Trail Unveiled: Diversion and Siphoning of Funds

The ED’s scrutiny unearthed a convoluted scheme orchestrated by builder Gopal Amarlal Thakur, involving the diversion and siphoning off of substantial sums collected from investors. Funds were funneled into various sister entities, with significant amounts parked with other builders in Navi Mumbai, including M/s Baba Homes Builders and Developers, M/s Lakhani Builders Pvt. Ltd, and M/s Monarch Solitaire LLP.

Double Dealing: Same Flats Sold to Multiple Buyers

Further exacerbating the fraud, Monarch Group and its directors were found to have sold the same flats to multiple buyers. Adding to the complexity, loans were secured from Non-Banking Financial Companies (NBFCs) by mortgaging already sold flats without the knowledge of the rightful owners.

Legal Ramifications: Arrest and Prosecution

The consequences of these illicit activities have begun to materialize, with Gopal Amarlal Thakur arrested in July 2021 and currently in judicial custody. A prosecution complaint was filed in August 2021, marking a significant step towards accountability in this sprawling case of financial malpractice.

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