The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 52.73 crore located in Navi Mumbai as part of the money laundering case against the real estate group Monarch Universal Group.
The investigation by the ED was initiated based on multiple FIRs filed by the Maharashtra Police against Monarch Universal Group, Gopal Amarlal Thakur, Hasmukh Amarlal Thakur, and others for allegedly cheating genuine flat buyers. These buyers had invested money in purchasing flats from the group but did not have the properties registered in their names.
Monarch Universal Group had promoted its projects to buyers, with a top Bollywood actress serving as its brand ambassador. Many investors claimed they invested in the projects after seeing advertisements featuring the actress.
The ED's probe revealed that builder Gopal Amarlal Thakur diverted substantial amounts of money collected from investors to various sister entities. This money was then parked with several builders in Navi Mumbai, including M/s Baba Homes Builders and Developers, M/s Lakhani Builders Pvt. Ltd, M/s Monarch Solitaire LLP, among others.
Investigations further disclosed that Monarch Group and its directors had sold the same flats to multiple buyers. They also secured loans from NBFCs by mortgaging already sold flats without informing the customers.
Gopal Amarlal Thakur was arrested in July 2021 and is currently in judicial custody. A prosecution complaint was filed in August 2021 in connection with the case.
The investigation by the ED is ongoing.
