ED arrests Mumbai builder Gopal Thakur in money laundering case

The Enforcement Directorate (ED) has arrested builder Gopal Amarlal Thakur, a director of Monarch Universal Group in a money laundering case of more than ₹50 crore, on Thursday night

The Enforcement Directorate (ED) has arrested builder Gopal Amarlal Thakur, a director of Monarch Universal Group in a money laundering case of more than ₹50 crore, on Thursday night. ED officers said that the group has diverted funds from project accounts to different entities and individuals, and thus siphoned off huge amounts of money.

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A local court on Friday remanded Thakur in ED custody till July 8.

According to ED, the proceedings under the Prevention of Money Laundering Act (PMLA) against Thakur and the real estate group was initiated on the basis of multiple first information report (FIRs) and charge sheets filed against them at various police stations in Navi Mumbai and Thane. ED has clubbed five FIRs, filed on the basis of complaints by flat buyers and a non-banking finance company, at these police stations. In these FIRs, allegations pertaining to cheating, criminal conspiracy and defrauding of genuine home buyers were levelled on the group. The builder was accused of not registering flats in the names of home buyers despite collecting money from them on the pretext of selling flats.

“The Monarch group is owned by Thakur and his brothers Hasmukh and Anand. But as Thakur is the main accused behind the irregularities, he has been arrested. His signatures are also there on all the documents,” an ED officer said.

Thakur and Hasmukh were previously arrested by the economic offences wing of Navi Mumbai Police for allegedly duping many flat buyers, but were released on bail. In one of the cases, Kharghar police had booked Thakur based on a complaint by inspector Pramod Bhovate, who was posted with Mumbai Police’s special branch. Bhovate had paid money to the builder for a flat in 2011, but he never received the possession nor was he given the refund.

Thakur was also charged under the relevant sections of Maharashtra Ownership of Flats Act (MOFA).

ED’s investigations have revealed that the real estate company and its directors sold flats to multiple persons. They also availed loan from non-banking finance companies by mortgaging the sold flats without the knowledge of the buyers, the agency said. “It was also revealed that Monarch Universal Group has diverted funds from the project accounts to different entities, individuals and thus siphoned off the money,” ED stated in a statement.

“We are investigating where exactly did the accused divert the funds and if any properties were bought from the ill-gotten money,” the officer added. Once the proceeds of the crime are ascertained, then the relevant assets would be attached by ED.