Thursday, July 25, 2024

ED Probes Tulsiani Builders’ CMD & MD for Alleged Rs 4.63 Crore Loan Fraud and Money Laundering

“Enforcement Directorate Initiates Money Laundering Probe Against Tulsiani Builders’ CMD & MD Over Alleged Loan Fraud”

The Enforcement Directorate (ED) has initiated a case under the Prevention of Money Laundering Act (PMLA) against Anil Kumar Tulsiani, Chief Managing Director, and Mahesh Tulsiani, Director of Tulsiani Builders. The case stems from allegations of securing a loan of Rs 4.63 crore through the submission of forged documents.

The ED’s action follows a complaint lodged by the manager of Punjab National Bank, who accused the directors of Tulsiani Group of obtaining the loan using fraudulent documentation and subsequently avoiding communication regarding the repayment of the loan amount.

Preliminary investigations reveal that the real estate firm may have also been involved in money laundering activities, prompting the ED to issue summons to the directors for further inquiry.

Officials claim that the company engaged in dubious practices, including taking money from homebuyers with promises of providing flats under attractive schemes, despite not possessing the necessary land for construction.

Over the past five years, numerous investors have filed cases against Tulsiani Builders for failing to deliver promised flats. Additionally, three flats were seized following a complaint filed with the Uttar Pradesh Real Estate Regulatory Authority (UP RERA). The ED’s probe aims to unravel the extent of financial irregularities and potential misconduct by the accused in connection with the loan fraud and alleged money laundering activities.

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