The Enforcement Directorate (ED) on Friday seized more than Rs 91 lakh cash following raids on half-a-dozen premises in Madhya Pradesh and Mumbai in a money laundering investigation linked to the alleged illegal sale of cooperative society lands worth over Rs 1,000 crore.
Five residential locations in Indore, Madhya Pradesh, and one of a shell entity in Mumbai were covered during the searches in a case against Deepak Jain Madda and others, the agency said in a statement.
The case pertains to allegations of the accused persons “in connivance with each other illegally selling and alienating hundreds of acres of prime land belonging to co-operative societies located at Indore, Madhya Pradesh.” “These lands were originally acquired by housing co-operative societies to allot housing plots to its own members,” it said.
The money laundering case stems from multiple FIRs filed by the state police against Madda along with some builders and developers.
As of date, the market value of these lands pertaining to numerous societies is estimated to be more than Rs 1,000 crore, the agency said.
“These lands were siphoned away and were subsequently sold to various accused persons causing massive loss to the housing society and thus depriving its members of 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,” the ED claimed.
Rs 91.21 lakh cash, details of “illegally acquired” immovable properties worth about Rs 250 crore and various “incriminating” documents were seized during the searches, it said.
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