Dubious firm on ED’s radar for probe related to illegal sale of land

The Enforcement Directorate is investigating a Mumbai-based firm's alleged involvement in a money-laundering probe related to the illegal sale of land plots in Indore, Madhya Pradesh. The agency suspects the firm is linked to irregular transactions related to the proceeds of crime. The market value of these lands belonging to numerous societies is estimated to be more than ?1,000 crore. The agency recently carried out searches as part of its probe at six premises, including five residential premises in Indore and the premise of the shell entity based in Mumbai.

Mumbai: The Enforcement Directorate (ED) has taken under its scanner the alleged role of a dubious firm located in Mumbai in connection with its money-laundering probe related to the illegal sale of land plots in Indore, Madhya Pradesh.

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The agency suspects the firm is linked to irregular transactions related to the proceeds of crime in the case, agency sources said. The ED probe is on the basis of various police cases registered in Indore pertaining to the alleged illegal sale and alienation of the lands of several housing co-operative societies by a few accused persons, in connivance with other builders and developers, according to ED sources.

“It was alleged that the accused persons, in connivance with each other, illegally sold and alienated hundreds of acres of prime land belonging to certain co-operative societies located at Indore. These lands were originally acquired by housing cooperative societies to allot housing plots to its own members,” an ED source said. As on date, the market value of these lands belonging to numerous societies is estimated to be more than ₹1,000 crore, the source said.

These land plots were subsequently allegedly sold to various accused persons, causing loss to the housing societies and depriving their members of their ownership of plots, according to the source. “Several attempts of defrauding societies by siphoning away the movable assets, such as bank accounts, of the housing societies have also come to the agency’s notice,” the source said.

The agency recently carried out searches as part of its probe at six premises, including five residential premises in Indore and the premise of the shell entity based in Mumbai, the source said. During searches, cash amount of ₹91.21 lakh, details of illegally - acquired immovable properties worth above ₹250 crore and various incriminating documents were recovered and seized by the ED, the ED source said.