The attached assets include three prime Worli properties in Mumbai — Rabia Mansion, Marium Lodge, and Sea View — collectively valued at around Rs. 497 crore, along with overseas properties in Dubai valued at Rs. 203.27 crore.

According to the ED, the investigation was initiated based on multiple FIRs registered by Mumbai Police against Iqbal Mohammad Memon alias Iqbal Mirchi. Key cases include M.R.A. Marg Police Station Cr. No. 83/1994, Yellowgate Police Station Cr. No. 188/1994, and cases from Byculla Police Station, Anti-Narcotics Cell, and DCB, CID. These involved serious offences under the IPC, Arms Act, TADA, and NDPS Act.

The probe under the Prevention of Money Laundering Act (PMLA) revealed that Iqbal Mirchi was involved in organized criminal activities, including drug trafficking, extortion, and illegal arms dealings. The proceeds of crime generated from these activities were allegedly laundered through the acquisition of high-value properties in India and abroad, registered in the names of family members, associates, and controlled entities.

Worli Properties Trail The three Worli properties, originally belonging to Sir Mohammad Yusuf Trust, were purchased in 1986 through M/s Rockside Enterprises for a mere Rs. 6.50 lakh. Although the properties remained in the Trust’s name on paper, the ED found that actual ownership and control rested with Iqbal Mirchi and his family. The agency alleged that the Trust, in conspiracy with Mirchi, misrepresented facts before the court to secure the release of these properties from earlier attachment proceedings.

Dubai Assets Further investigation showed that proceeds of crime were used to acquire overseas assets, including Hotel Midwest Apartment in Dubai and 14 real estate units at Corporate Bay and DEC Towers, registered in the name of Asif Iqbal Memon and his family members.

The ED has already filed a Prosecution Complaint and Supplementary Prosecution Complaint under PMLA before the Special Court (PMLA), Mumbai, against Asif Iqbal Memon, Junaid Iqbal Memon, Hajra Iqbal Memon, and others for money laundering offences. On 26 February 2021, the Special Court declared Asif Iqbal Memon, Junaid Iqbal Memon, and Hajra Iqbal Memon as Fugitive Economic Offenders under the FEOA, 2018.

Further investigation into the case is ongoing.

Also Read: Properties Of Iqbal Mirchi To Be Auctioned

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The attached assets include immovable properties valued at ₹49.79 crore—comprising a villa, a hotel and resort, office spaces, and multiple land parcels in Gurugram (Haryana), Himachal Pradesh, and Maharashtra. Movable assets worth ₹1.78 crore consist of seized cash and bank balances in accounts linked to Yadav, OSBPL, and related entities.

The ED’s probe, initiated based on multiple FIRs registered by the Economic Offences Wing of Delhi Police and Haryana Police, alleges offences of cheating, criminal breach of trust, forgery, and criminal conspiracy. The complaints stem from OSBPL’s affordable housing projects, where substantial funds were collected from homebuyers with promises of timely delivery.

Investigation revealed that despite receiving funds, projects remained incomplete, possessions were not handed over, and units were arbitrarily cancelled and re-allotted. Homebuyers faced prolonged uncertainty and financial losses while entrusted funds were diverted for unrelated purposes.

ED findings establish that Swaraj Singh Yadav, the key promoter and decision-maker, orchestrated the scheme. Project-specific escrow funds were routed through free accounts and related entities, bypassing statutory safeguards. Units were resold multiple times at inflated prices, parking spaces monetised beyond limits, and forged documents used to justify illegal cancellations.

The diverted proceeds were layered and used for personal expenses, property acquisitions, and other ventures, amounting to a systematic abuse of trust.

The agency stated that further investigation is underway.

This case highlights growing scrutiny on real estate developers amid rising complaints of fund diversion and project delays affecting thousands of homebuyers.

Also Read: PMAY Homebuyers Cheated: ED Arrests OSBPL Head for Fraud, Fund Diversion and Cash-Based Resale Racket

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The attachment, announced in a press release dated January 7, targets entities linked to Jaypee promoters in a case involving misappropriation of funds collected from homebuyers for the delayed Jaypee Wishtown and Jaypee Greens projects in Noida.

The ED’s Delhi Zonal Office initiated the probe based on multiple FIRs filed by the Economic Offences Wing (EOW) of Delhi and Uttar Pradesh Police. These complaints, lodged by affected homebuyers, accuse Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL), and their promoters—including Manoj Gaur—of criminal conspiracy, cheating, and breach of trust.

Investigation findings reveal that JAL and JIL collected around ₹14,599 crore from over 25,000 homebuyers (as per claims admitted by the NCLT). However, substantial portions were allegedly diverted for non-construction purposes and siphoned off to related entities, including Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Ltd (JHL), and Jaypee Sports International Ltd (JSIL).

Manoj Gaur, the Managing Trustee of JSS, is accused of playing a central role in orchestrating the diversions through a complex web of transactions. Assets were also allegedly transferred to Page 3 Buildtech Private Limited, controlled by Honey Katiyal.

The probe intensified with ED searches on May 23, 2025, at 15 locations in Delhi, Noida, Ghaziabad, and Mumbai, yielding incriminating financial records and documents. Manoj Gaur was arrested on November 13, 2025, under Section 19 of the Prevention of Money Laundering Act (PMLA) and remains in judicial custody.

Thousands of homebuyers have been left stranded with incomplete projects for years, highlighting broader issues in the real estate sector.

The ED stated that further investigation is underway. This action comes amid prolonged insolvency proceedings against Jaypee Infratech, which was acquired by Suraksha Group in 2021 to resolve the crisis affecting homebuyers.

Also Read: Share of Real Estate in Recoveries Under IBC Rises to 18.8%

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The flat, numbered 301 on the 3rd floor of Building No. 3, spans approximately 4,610 square feet and includes five dedicated car parking spaces. With a reserve price of Rs. 28.79 crore, the e-auction is scheduled for January 20, 2026, via an online platform, following the bank’s possession of the asset in June 2022. This move comes after Bhatter and his wife, Meghna Kedia Bhatter, defaulted on a home loan, ignoring a demand notice issued in January 2020.

Bhatter, a Kolkata-based businessman, rose to infamy through his role as the dominant promoter and director of BRH Wealth Kreators Ltd. (formerly BMA Wealth Creators Ltd.), a stockbroking firm that has been at the center of a massive investor fraud. The scam involved the systematic looting of client funds and securities, with allegations of unauthorized transfers, illegal pledging to secure loans, and diversion of hundreds of crores to related entities and personal ventures.

Investors reported that Bhatter’s firm misused powers of attorney to transfer shares from demat accounts, funneling money through interconnected companies for personal gains, such as acquiring high-end properties in Mumbai. The regulator first cracked down in October 2019 with an interim ban, citing a Rs. 93 crore shortfall in client securities and Rs. 169 crore in improperly pledged assets. By 2020, the bans were confirmed and hefty fines imposed, including Rs. 5 crore each on BRH Wealth Kreators and its subsidiary BRH Commodities, and Rs. 1 crore on Bhatter personally.

In March 2023, the company’s registration was revoked, barring Bhatter and associates from the market for up to seven years. The Enforcement Directorate (ED) escalated the probe under PMLA, conducting raids in July 2025 at premises linked to Bhatter, uncovering incriminating evidence of money laundering and fund diversion.

This auction highlights the fallout from Bhatter’s alleged schemes, which defrauded numerous investors and eroded trust in the broking industry. As the ED continues to trace financial trails, more assets may face similar fates. Potential bidders are advised to verify encumbrances, with the sale on an “as is where is” basis.

Also Read: Mumbai Court Summons Developers in Patra Chawl Scam After ED Files New Money Laundering Complaint

The post Luxury Property Belonging to Scam Accused Anubhav Bhatter Up for Auction appeared first on Square Feat India.

The new attachment—made under the Prevention of Money Laundering Act (PMLA)—covers 18 properties, fixed deposits, bank balances, and unquoted investments linked to Reliance Infrastructure Ltd., Reliance Power Ltd., Reliance Value Services Pvt. Ltd., Reliance Venture Asset Management Pvt. Ltd., Phi Management Solutions Pvt. Ltd., Adhar Property Consultancy Pvt. Ltd., and Gamesa Investment Management Pvt. Ltd.

A Major Crackdown in the Yes Bank–Reliance Finance Fraud Case

The latest action is connected to the Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL) cases, in which ED has been investigating large-scale diversion of public funds.

According to the agency, Yes Bank had invested:

• ₹2,965 crore in RHFL instruments, and
• ₹2,045 crore in RCFL instruments

between 2017–2019.
By 2019, these investments turned non-performing, leaving Yes Bank with outstanding dues of:

• ₹1,353.50 crore (RHFL)
• ₹1,984 crore (RCFL)

ED’s probe revealed that RHFL and RCFL had received over ₹11,000 crore in public money which was then diverted through complex routes.

The Mutual Fund–Yes Bank–Reliance Route

A key finding is the alleged round-tripping of public money:

• As per SEBI rules, Reliance Nippon Mutual Fund could not invest directly in Anil Ambani-controlled finance companies.
• Instead, funds from the mutual fund schemes were routed to Yes Bank, which then invested in RHFL and RCFL.
• ED calls this a “circuitous route” designed to bypass conflict-of-interest regulations.

Fraudulent Diversions Across Group Companies

The agency states that various Anil Ambani group companies—including Reliance Communications Ltd. (RCOM), Reliance Home Finance Ltd., Reliance Commercial Finance Ltd., Reliance Infrastructure Ltd., and Reliance Power Ltd.—were involved in fraudulent diversion of bank loans.

In the larger RCOM case:

• Loans between 2010 and 2012 amassed to ₹40,185 crore outstanding
• 9 banks have declared these loan accounts as fraud

ED claims to have uncovered:

• ₹13,600 crore used for evergreening of loans
• ₹12,600 crore diverted to connected parties
• ₹1,800 crore invested in FDs and mutual funds, later liquidated and routed back
• Misuse of bill discounting
• Funds siphoned abroad through foreign remittances

What ED Has Attached Now

The fresh attachments worth ₹1,120 crore include:

Major Mumbai Properties

• Reliance Centre, Ballard Estate
• Commercial building (Reliance Infrastructure Ltd.), MIDC, Andheri East
• Residential properties at Santacruz
• A guest house also at Santacruz

Assets in Chennai & Panvel

• 231 residential plots in Chennai (Reliance Value Services Pvt. Ltd.)
• 7 residential flats in Chennai and Panvel

Financial Assets

• Fixed deposits and bank balances of:
  • Reliance Value Services Pvt. Ltd.
  • Reliance Venture Asset Management Pvt. Ltd.
  • Phi Management Solutions Pvt. Ltd.
  • Adhar Property Consultancy Pvt. Ltd.
  • Gamesa Investment Management Pvt. Ltd.

ED: “Committed to Restituting Public Money”

The agency said it remains focused on pursuing large-scale financial offenders and ensuring recovery of “proceeds of crime”.

ED stated that further investigation is underway across all linked entities and individuals, including Anil Ambani, RCOM, RHFL, RCFL, and other group companies.

Also Read: ED Tightens Noose on Anil Ambani Group: Assets Worth ₹1,120 Crore Attached, Total Seizures Cross ₹10,117 Crore

The post ED Tightens Noose on Anil Ambani Group: Assets Worth ₹1,120 Crore Attached, Total Seizures Cross ₹10,117 Crore appeared first on Square Feat India.

The attachment was carried out on 17 November 2025 by ED’s Bhopal Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.

Gifted to Daughter to Hide Ill-Gotten Money

According to the ED, the luxurious Dubai apartments and commercial units — located in Centurion Residence (Dubai Investment Park), Dubai Silicon Oasis, Liwa Heights, Business Bay, and World Trade Centre Residences — were originally acquired by Bhasi using proceeds of crime generated through AOPL and its group entities.

To hide the origin and ownership of these assets, Bhasi gifted the Dubai properties to his daughter in 2022–2023, without any monetary consideration.

The agency says this gifting pattern was a deliberate strategy to distance the assets from the main accused while retaining control through family channels — a typical layering technique in international money laundering cases.

The SBI Fraud: How ₹1,266 Crore Vanished

AOPL, under the strategic control of Bhasi, executed illegal merchanting trade transactions, circular trading, fabrication of documents, and diversion of bank funds, ED stated.

A key part of the fraud involves 12 Foreign Letters of Credit (FLCs) worth USD 200 million (approx. ₹1,266.63 crore) issued by SBI’s Shahpura Branch between April and May 2018.

These FLCs devolved on the bank after AOPL failed to meet required margins and defaulted at the time of LC rollovers.
As a result, SBI was forced to make payments to overseas suppliers, triggering massive losses for the public-sector bank.

Layering Through a Global Network

ED investigators uncovered a complex web of domestic and foreign entities used to layer illicit funds before they were routed into high-value assets abroad.

The nine Dubai properties form only a segment of the suspected illegal wealth trail. More attachments and arrests may follow as the investigation deepens.

Further Investigation Underway

ED has confirmed that the probe is still in progress, with more leads emerging regarding fund diversion, global money movement, and additional assets held by the accused and their associates.

Also Read: ED arrests OSBPL MD Swaraj Singh Yadav for cheating PMAY homebuyers through fake cancellations

The post SBI Loses ₹1,266 Crore: ED Attaches Dubai Properties Gifted by Fraud Accused to Daughter appeared first on Square Feat India.

Katyal was produced before the Special PMLA Court in Gurugram, which granted six days of ED custody for custodial interrogation.

The Case: 10+ Years of Delayed Homes, Fraudulent Bookings, and ₹300 Crore ‘Proceeds of Crime’

ED initiated the probe based on multiple FIRs filed by the Gurugram Police and Delhi Police Economic Offences Wing (EOW). The case revolves around Krrish Florence Estate, a proposed residential project at Sector 70, Gurugram, spread across 14 acres. The project has been stuck for more than a decade.

Key findings of ED investigation:

1. Fraudulent Licensing & Early Collection of Money

• Katyal allegedly procured the construction license fraudulently from another developer.
• He began collecting money from homebuyers even before obtaining approval from DTCP Haryana.
• The total Proceeds of Crime (POC) from the activity exceed ₹300 crore.

2. Project Stalled for 10 Years

• Only three towers were partially constructed.
• The project never moved forward, forcing homebuyers to initiate insolvency proceedings.

3. Fraud in Government Housing Project

ED found fraudulent allotments made to third parties in a housing project meant for Central Government employees, indicating systematic diversion of flats and funds.

4. Undervalued Land Sale During Insolvency

Katyal allegedly sold 2 acres of the licensed land — valued at ₹130 crore — to outsiders at undervalued rates, violating the Insolvency and Bankruptcy Code (IBC).

5. Diversion of Public Sector Bank Loans

A PSU bank reportedly suffered a loss of ₹80 crore due to loans being routed through fraudulent transactions, ED found.

Multiple Cases, Same Modus Operandi

Katyal is also named in FIRs linked to other stalled projects including:

• Krrish World (Sector 63, Gurugram)
• Province Estate
• Other group projects reportedly following the same pattern — early collection, diversion of funds, no delivery.

Political Link: Why Katyal’s Arrest Matters

According to several national media reports, Amit Katyal has long been considered a close associate of RJD supremo Lalu Prasad Yadav and has figured in investigations involving land-for-job and land deals linked to political circles.
While the ED press release does not mention political connections, the arrest has significant political overtones, given past allegations around real-estate dealings involving political aides and land aggregation networks.

Impact on Homebuyers and the Real Estate Market

This arrest signals a tougher enforcement stance on:

• Fake bookings
• Pre-approval fund collections
• Diversion of construction funds
• Misuse of IBC to sell undervalued land

For Gurugram and NCR homebuyers — who face hundreds of stalled projects — the action is expected to push other state agencies and developers to expedite long-delayed projects.

Further Investigation Underway

ED has stated that searches, fund-tracing, and property attachment actions may follow as the investigation proceeds.

Also Read: PMAY Homebuyers Cheated: ED Arrests OSBPL Head for Fraud, Fund Diversion and Cash-Based Resale Racket

The post Lalu Prasad Yadav’s Close Aide Amit Katyal Arrested in ₹300-Crore Real Estate Fraud: ED Cracks Down appeared first on Square Feat India.

FRAUD ORIGINATED FROM ₹700 CRORE BANK SCAM

The action stems from FIRs filed by the CBI’s Banking Securities & Fraud Cell (BS&FC) alleging that Varron Aluminium and its group entities defrauded:

• Bank of India: ₹293.74 crore
• State Bank of India: ₹401.25 crore

As per the CBI chargesheet, a manual Letter of Credit (LC) of ₹300 crore was issued by Canara Bank in favour of group company VACPL, which Bank of India discounted without proper verification.

ED FINDINGS: CYCLICAL LCs AND SHELL ENTITIES

ED’s investigation revealed that:

• Payments for earlier LCs were repeatedly made by opening new LCs in favour of VAPL, VIPL, and related shell companies.
• The cycle was used to repay old loans, reduce cash credit exposure, and inflate the books of group companies.

During the probe, ED identified proceeds of crime and attached immovable properties worth ₹179.27 crore through two separate orders.

SECTION 8(8) OF PMLA: BASIS FOR RESTITUTION

The agency said the restitution aligns with Section 8(8) of PMLA, which permits restoration of attached or confiscated properties to victims or legitimate claimants when properties—though tied to illicit activity—legally belong to innocent parties.

ED added that it continues to encourage banks and financial institutions to seek restoration of claims using this provision.

SBI’S CLAIM AND COURT ORDER

SBI filed a miscellaneous application before the Special Court (PMLA), Mumbai, seeking restoration of three attached properties valued at ₹55.85 crore (valuation year 2021).

During proceedings, ED submitted an affidavit confirming its willingness to restitute the properties to SBI.

On 26 September 2025, the Special Court allowed the application and ordered the restoration of all three immovable assets to SBI.

Also Read: Big action against errant developers, ₹101 crore recovered

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The Directorate of Enforcement (ED) has provisionally attached eight immovable properties valued at ₹67.03 crore, allegedly beneficially owned and controlled by the banned organisation Popular Front of India (PFI). The attached properties are registered in the names of various trusts and the political front of PFI — the Social Democratic Party of India (SDPI).

This attachment adds to earlier seizures worth ₹61.98 crore, taking the total value of attached assets to ₹129 crore in the ongoing money laundering probe under the Prevention of Money Laundering Act (PMLA), 2002.

Background of the Case

The ED initiated its investigation based on FIRs registered by the National Investigation Agency (NIA) and other law enforcement agencies against PFI and its affiliates.
Investigations revealed that PFI leaders and members raised and collected funds from within India and abroad — through banking channels, hawala, and donations — allegedly for financing terrorist activities across India.

The probe further found that SDPI acted as the political front of PFI, with PFI exercising full control over its finances, election strategy, public programs, and cadre mobilisation. Expenditure records maintained by PFI for SDPI were found in secret ledgers, rather than in official bank statements, indicating deliberate concealment.

Funds were reportedly collected from Gulf countries and local donors under the guise of relief and social work, but were allegedly diverted for activities aimed at disrupting India’s secular fabric and promoting extremist objectives.

Details of Attached Properties

ED’s latest attachment order dated November 6, 2025, covers eight properties across Kerala, registered in the names of the following entities:

Findings from ED Searches

During previous searches, the ED seized detailed property records and financial ledgers maintained by PFI, indicating systematic ownership and management of assets. Key findings include:

• Properties registered under the names of different trusts and individuals linked to PFI.
• Organised accounting and auditing practices for these assets, despite concealment of true ownership.
• Detailed documentation of property locations, survey numbers, sale deed values, and market valuations.
• Physical Education (PE) training sheds constructed on some properties, such as Valluvanad House (Pattambi) and Malabar House (Haritham Foundation).

According to the ED, these sites were allegedly used to conduct offensive and defensive training sessions, teaching manoeuvres with arms under the guise of “PE classes,” as part of a broader jihadi mobilisation effort.

Arrests and Prosecution

So far, the ED has arrested 28 leaders and members of PFI, including:

• MK Faizy, National President of SDPI
• Senior PFI office bearers from national and state executive councils
• Physical Education coordinators and trainers accused of providing weapons training

Multiple prosecution complaints have been filed before competent courts. The ED has so far quantified the proceeds of crime at ₹131 crore.

PFI’s Origins and Organisational Links

Investigations also established that several PFI ideologues were former members of the banned Students Islamic Movement of India (SIMI) — the student wing of Jamaat-e-Islami.
After the 1992 Babri Masjid demolition and subsequent ban on Jamaat-e-Islami, senior PFI members from the National Development Front (NDF) allegedly created a network of trusts across Kerala to hold and control properties in PFI’s name.

Next Steps

The ED stated that its investigation into the money trail, property ownership, and foreign funding links of PFI and SDPI is ongoing. The agency affirmed its commitment to dismantling the financial infrastructure of organisations engaged in terror financing or activities against the unity and integrity of India.

Total Attachments So Far: ₹129 crore (movable & immovable)
Current Attachment (November 2025): ₹67.03 crore (8 properties)
Proceeds of Crime Identified: ₹131 crore
Arrests Made: 28 PFI–SDPI leaders and members

Also Read: ED Attaches Assets Worth ₹307 Crore Linked to Illegal Betting App ‘Fairplay’

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Assets Worth ₹11.14 Crore Under Attachment

According to sources, the ED’s headquarters has attached mutual fund investments worth ₹6.64 crore held in the name of Suresh Raina, and an immovable property valued at ₹4.5 crore belonging to Shikhar Dhawan.

The attachment order follows detailed financial analysis and tracing of money trails linked to proceeds of crime generated through illegal betting and gambling operations in India.

Illegal Betting Platform Under Probe

The ED’s action stems from multiple FIRs filed by various state police agencies against the operators of the illegal offshore betting website 1xBet and its surrogate brand 1xBat (Sporting Lines).

Sources revealed that 1xBet operated in India without authorization, using surrogate branding and advertising to promote its betting platform through social media, online videos, and print media, targeting Indian users in violation of Indian laws.

Endorsements by Cricketers Under Scanner

The investigation has uncovered that both Suresh Raina and Shikhar Dhawan knowingly entered into endorsement agreements with foreign entities representing 1xBet and its surrogates.

These endorsements, sources said, were made in return for payments routed through foreign entities to conceal the illicit origin of the funds. The money is alleged to be linked to proceeds of crime generated from illegal betting activities in India.

Layered Transactions and Foreign Routing

According to sources, payments for the endorsements were structured through layered transactions involving foreign intermediaries. This complex network was allegedly designed to disguise the illegal source of the funds and make them appear legitimate.

The ED’s probe has reportedly traced multiple such transactions between offshore accounts and domestic entities, suggesting a deliberate attempt to launder proceeds of illegal betting operations.

Wider Crackdown on Illegal Betting and Celebrity Links

The latest attachment order marks a significant escalation in the ED’s crackdown on illegal online betting and gambling networks that use surrogate advertising and celebrity endorsements to legitimize their operations in India.

Sources indicate that more celebrity-linked transactions and endorsement contracts are under scrutiny as part of the ongoing money laundering probe.

Further Investigation Underway

The ED continues to pursue multiple leads in coordination with state police units and financial intelligence agencies. The focus remains on tracking foreign remittances, endorsement contracts, and layered financial structures connected to 1xBet and its associated entities.

Further investigation is in progress to determine the full extent of the money trail and identify other individuals or entities involved in the laundering network.

Also Read: Sanjay Raut’s Property Attached by ED

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