Mumbai: ED Seizes Assets Worth Rs 63 Crore in Kamala Landmarc Money Laundering Case

Mumbai: The Enforcement Directorate (ED) on Thursday attached assets worth Rs 63.96 crore of directors of Kamala Landmark Group of Companies for allegedly duping home buyers, banks, and investors of rs 408.25 crore. Assets worth Rs 48.67 crore belonging to the company's director Jitendra Jain and Rs 15.29 crore belonging to Parthav Shetty, a partner in Kamala Landmark Company, have also been attached. The attached properties include flats worth Rs 33 crore belonging to Jitendra Jain and his family in Mumbai city, plots worth Rs 15 crore located at various places in the state, another plot worth Rs 60 lakh, and flats in Mumbai city worth Rs 15.29 crore in the name of Parthav Shetty and his family. 

According to reports, Jain had taken huge loans from banks for the construction of the housing project. Of these loans, Rs 110.90 crore was declared as outstanding loans. A total of Rs 297.35 crore was accepted in advance from home buyers and investors in the housing project. 

However, these home buyers were not given a house by the developer concerned. He is accused of diverting all the money to other companies in his group and siphoning off from there. A total of 37 cases have been registered against him by the Economic Offences Wing of the Mumbai Police. Apart from this, cases have also been registered against them in other police stations in Mumbai. The ED has now started investigating the case after it was found that money laundering took place in this regard.