ED Attaches ₹85 Crore Worth UK Assets of Indian Couple in Fraud Case

The Directorate of Enforcement (ED), Mumbai Zonal Office, has attached immovable property located in England in connection with a money laundering case involving Vinod Tanna, his wife, and the promoters of the Sai Group of entities. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The property in question, consisting of land and a building, was acquired in 2017 by Jayesh Tanna using proceeds of crime amounting to GBP 2.07 lakh (approx ₹1.93 crore). According to ED officials, the funds were illegally siphoned off from India to the United Kingdom.

The money used for this acquisition was allegedly raised through fraudulent activities, including cheating and deceiving genuine investors and flat buyers in Mumbai. The victims were primarily individuals who had invested in redevelopment projects initiated by the Sai Group in key areas of Mumbai, such as D N Nagar, Andheri, Kandivali, and Goregaon. These investors, including flat buyers and old tenants from housing societies, had placed their trust in the group to deliver promised real estate projects. However, instead of using the funds for construction and redevelopment purposes, the promoters of the Sai Group reportedly misused the money for their personal enrichment.

The ED began its investigation in 2024 following the registration of multiple First Information Reports (FIRs) by Mumbai Police against Jayesh Tanna, Deep Tanna, and other associates. These FIRs were filed under various sections of the Indian Penal Code (IPC), 1860, including charges of cheating, criminal breach of trust, and criminal conspiracy. Mumbai Police has already submitted chargesheets in most of these cases, which helped build the foundation for ED’s money laundering probe.

As per the findings of the investigation so far, the Sai Group’s modus operandi involved collecting funds from homebuyers and shop purchasers by making false promises regarding redevelopment timelines and deliverables. These projects were largely left incomplete or not initiated at all, leading to huge financial losses for the investors. The total wrongful loss caused to buyers, old tenants, and investors is estimated to be ₹85.75 crore.

The ED has noted that instead of deploying the collected funds for construction, the accused individuals diverted a large portion of the money for personal expenses and investments, including the overseas property. The agency suspects that this diversion was part of a larger financial fraud involving the laundering of illegally obtained money.

In the course of the investigation, the ED has already attached assets worth ₹35.65 crore under the PMLA provisions. These assets include both movable and immovable properties linked to the accused. The probe is ongoing, and ED officials are examining additional leads that may point to further laundering of funds or concealment of criminal proceeds. Authorities believe there may be more victims and undisclosed assets, both in India and abroad.

The ED has appealed to other aggrieved individuals to come forward and provide information, which could help in further exposing the full scale of the fraud and recovering the misappropriated funds.