The Enforcement Directorate’s (ED) rigorous investigation into the alleged financial irregularities by M/s Supreme Construction & Developer Pvt Ltd and its key figure Lalit Tekchandani has culminated in a significant seizure. Following comprehensive searches across 22 locations in Mumbai and Navi Mumbai, the ED has announced the cumulative seizure and freezing of assets exceeding Rs. 30 Crore. These assets include incriminating documents, digital devices, cash, bank balances, and Fixed Deposits (FDs), all purportedly linked to the money-laundering probe under the Prevention of Money Laundering Act (PMLA), 2002.
The operation, initiated on February 7, 2024, targets the prominent developer Tekchandani, who is embroiled in allegations of cheating prospective homebuyers. Over 105 individuals have been left in the lurch, having paid for flats in Tekchandani’s Taloja project in Navi Mumbai but not receiving possession. The ED’s probe draws upon several police cases accusing the developer of not delivering on the promised homes, with the Mumbai Police’s Economic Offences Wing (EOW) having arrested Tekchandani last month on charges of cheating.