real estate

ED registers case against real estate firm for loan fraud, Real Estate News, ET RealEstate


LUCKNOW: The Enforcement Directorate has registered a case against Tulsiani Builders’ chief managing director Anil Kumar Tulsiani and director Mahesh Tulsiani under the Prevention of Money Laundering Act (PMLA) for taking a loan of Rs 4.63 crore by submitting forged documents.

ED registered a case following a complaint lodged by the manager of Punjab National Bank who alleged that Tulsiani Group directors took a loan of Rs 4.63 crore after furnishing forged documents and did not respond to correspondence for recovery of loan amount.

It surfaced in the preliminary inquiry that the real estate firm also laundered the money of investors. ED will soon issue summons to the firm’s directors.

Officials claimed that the firm used to take money from homebuyers promising them flats under lucrative schemes even though it did not have land for construction.

In the last five years, dozens of investors have filed cases against the company for not getting flats. Three flats were also seized after a complaint was lodged with the Uttar Pradesh Real Estate Regulatory Authority (UP RERA).

  • Published On Dec 19, 2023 at 09:20 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *