Enforcement Directorate (ED), Lucknow Zonal office has provisionally attached five immovable properties worth ₹3.06 crore belonging to M/s Tulsiani Constructions and Developers Pvt Ltd in a fraud case under the provisions of Prevention of Money Laundering Act (PMLA), 2002, senior ED officials confirmed on Friday.
In a press note shared with the media, the ED officials said that the properties attached are situated in Prayagraj and are in the form of agricultural land and plots. All these properties are registered in the name of M/s Tulsiani Constructions and Developers Pvt. Ltd.
They said they initiated investigation under PMLA on the basis of FIR registered by Uttar Pradesh Police under various sections of IPC, 1860 related to cheating and forgery, against Anil Kumar Tulsiani and Mahesh Kumar Tulsiani, who are directors of M/s Tulsiani Constructions and Developers Pvt Ltd.
In this particular case, it was alleged that M/s Tulsiani Construction & Developers Pvt Ltd, which is in business of construction and sale of flats had duped four purchasers, who had taken a home loan for total amount of Rs. 4.63 crore from Punjab National Bank (PNB), Lucknow which was defaulted.
It was alleged in the FIR that the four flats booked by the aforesaid borrowers were mortgaged to the lender bank on the basis of tripartite agreement for a total loan amount of Rs.4.63 crore (approx). Builder received the entire amount of loan from the bank directly.
{{/usCountry}}It was alleged in the FIR that the four flats booked by the aforesaid borrowers were mortgaged to the lender bank on the basis of tripartite agreement for a total loan amount of Rs.4.63 crore (approx). Builder received the entire amount of loan from the bank directly.
{{/usCountry}}However, these flats were neither delivered to buyers, nor to the bank when the loan was defaulted. Apart from above, some other FIRs have also been found lodged and are being investigated by the UP Police against the builder company and associated companies.
The ED investigation revealed that M/s Tulsiani constructions and Developers Pvt. Ltd. diverted loan funds of PNB to its other accounts and group companies and left the purchasers of flats in lurch. The siphoned off amount was used to pay other debts and flats were never delivered to purchasers. Properties of equivalent value have been attached by the ED. Further investigation is under progress.