Mumbai: The Enforcement Directorate (ED) on Friday conducted multiple searches in Indore in Madhya Pradesh and Mumbai in Maharastra. The searches were done in the matter of a Money Laundering case against Deepak Jain Madda and others. The officials seized Rs 91.21 lakhs of cash and illegal properties worth Rs 250 Crores during the search.
As per reports, the ED conducted searches in as many as six premises in Indore and Mumbai in a Money Laundering case against Deepak Jain Madda and others under the provisions of PMLA, 2002.
During the search, Rs 91.21 lakhs of cash as well as the details of illegally acquired immovable properties worth more than Rs 250 Crores along with various incriminating documents were recovered and seized. ANI informed about the recovery and seizure in a tweet.
The ED initiated PMLA investigation on the basis of the FIRs lodged in Indore in case of illegal sale and alienation of the lands of housing co-operative societies by Madda in connivance with other builders and developers.
The ED said that these lands were usurped and were subsequently sold to various accused persons causing massive loss to the housing society and thus depriving its members from their rightful ownership of plots. Several attempts of defrauding the society by siphoning away the movable assets such as bank accounts, etc of the housing societies have also come to notice.
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