The Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth Rs 24.39 crore belonging to Sanskar Group of Goa in a money laundering case.
The attached assets are in the form of villas and flats in Goa, flats and office space in Delhi and Faridabad, and fixed deposits in banks, the ED said in a statement.
The ED had initiated money laundering investigation on the basis of multiple FIRs registered by Goa Police under various sections of the Indian Penal Code (IPC) against Manish Sharma, Navin Beri and Arvind Chadha for duping of investors to the tune of Rs 10 crore by promising them Villas in Banjara Hills Project, to be developed by Sanskar Group in Anjuna, Goa. The ED probe revealed that Manish Sharma entered into ‘agreement to sale’ and ‘sale deed’, executed before Sub-Registrar, with the buyers promising to deliver them the villas within stipulated time, it said.
However, when the project was completed about 60-70 per cent, Manish Sharma and Navin Beri in connivance with the Bank Manager of Jammu and Kashmir Bank mortgaged the Banjara Hills project in Jammu and Kashmir Bank Ltd, Panaji and availed a loan of Rs 20 crore by submitting false documents, it further said.
Thereafter, the loan amount was further diverted to the bank accounts of Manish Sharma, Navin Beri, his partnership firm Lavanya Travels and Arvind Chaddha. This money was further utilized and consumed by them for their own use.
The bank declared the said loan account as non-performing asset (NPA). Investigation with regard to tracing the remaining ‘Proceeds of Crime’ is in progress, the agency added.