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Enforcement Directorate Seizes UK Property in Sai Group Real Estate Probe

The seizure broadens a yearslong investigation into diverted buyer funds from Mumbai redevelopment schemes with investigators now tracing additional illicit assets.

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The attached assets were in the form of agricultural land, residential flats, commercial shops and a bungalow, in Mumbai and Ahmednagar in Maharashtra. (HT Photo)
ED initiated an investigation based on an FIR registered by the Punjab Police in 2022 at Ludhiana under various sections of the Indian Penal Code (IPC), and the IT Act against Ankush Bassi and his accomplices for defrauding foreign nationals by impersonating as customer support representatives.

Overview

  • On July 16, the Enforcement Directorate provisionally attached land and a building in the United Kingdom purchased in 2017 by Jayesh Tanna using approximately £207,000 of alleged illicit funds under the Prevention of Money Laundering Act.
  • The UK attachment raises total provisional assets seized in the case to ₹35.65 crore as part of an alleged ₹85.75-crore diversion of buyer funds.
  • The probe stems from 2024 first information reports filed by Mumbai Police naming promoters Jayesh Tanna, Deep Tanna and others on charges of cheating and criminal breach of trust.
  • Investigators allege Sai Group promoters siphoned off contributions from redevelopment projects in DN Nagar, Andheri, Kandivali and Goregaon, causing losses to flat buyers and original society members.
  • The ED is pursuing further cross-border asset recovery and restitution measures to compensate investors affected by the alleged money-laundering scheme.