In a major action, the Mumbai zonal office of the Enforcement Directorate (ED) has temporarily attached properties worth about Rs 41.70 crore under the Prevention of Money Laundering Act (PMLA), 2002 on March 25, 2026. These properties belong to the Goregaon Pearl CHS project in Goregaon, Mumbai, which includes fully and partially built residential flats, commercial shops and office space.
What other revelations did ED make in its investigation?
ED investigation revealed that these properties were originally developed by M/s Sai Siddhi Developers. The developers sold part of these flats and shops to outside buyers and recovered the full or partial amount from them. But the buyers were neither given flats/shops nor their money was refunded, making them victims in this case.
Investigation also revealed that the amount obtained by Jayesh Tanna, the principal partner of Sai Siddhi Developers, by cheating the buyers, is the proceeds of crime in this case.
ED action on FIR lodged by Mumbai Police
ED had initiated this investigation on the basis of several FIRs registered by Mumbai Police against Sai Siddhi Developers, Jayesh Tanna and others under various sections of the IPC. Chargesheet has also been filed by Mumbai Police in these cases.
The investigation also revealed that Jayesh Tanna misused the funds collected from flat and shop buyers in the name of Goregaon Pearl Redevelopment Project and diverted it for personal gain. Due to this the project could not be completed and the buyers suffered a loss of about Rs 47.51 crore.
ED had raided 9 locations in Mumbai in 2025
Even before this, on March 5, 2025, ED had raided 9 locations in Mumbai in connection with Jayesh Tanna and other projects related to Sai Group of Companies. In that case, ED had attached properties worth Rs 35.89 crore, which also included properties located in the UK. This attachment has also been confirmed by the Adjudicating Authority based in New Delhi. At present, ED investigation is going on in this entire matter.
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