ED Seizes Rs 41.7 Crore Mumbai Assets in Goregaon Pearl CHS Fraud

The Enforcement Directorate (ED) has seized residential flats, commercial shops, and office space worth Rs 41.70 crore in connection with a real estate fraud linked to the Goregaon Pearl CHS Project in Mumbai, officials said Friday.

The provisional attachment of these assets was carried out on March 25 under the Prevention of Money Laundering Act (PMLA), 2002, by the ED’s Mumbai Zonal office. The seized properties include fully or partially constructed residential units, commercial shops, and office spaces associated with the Goregaon Pearl CHS Project.

Investigations revealed that Sai Siddhi Developers, led by Jayesh Tanna, sold some of these units to outside buyers who paid full or partial consideration. However, these buyers did not receive possession of the units nor were refunds issued. The funds collected through these transactions have been classified as “proceeds of crime” under the PMLA, the ED said.

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The probe, initiated based on multiple FIRs registered by the Mumbai Police, found that Tanna diverted funds obtained from buyers for personal gains, causing the non-delivery of the project and losses estimated at Rs 47.51 crore. Charge sheets have already been filed in these cases by the police.

This action follows a previous ED operation on March 5, 2025, targeting Jayesh Tanna and his associates in other projects of the Sai Group, which led to provisional attachment of assets worth Rs 35.89 crore, including properties in the UK. Those attachments have since been confirmed by the Adjudicating Authority under the PMLA, New Delhi.

The ED’s continued enforcement reflects its focus on tracing diverted funds in real estate frauds and safeguarding the interests of defrauded investors.

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