The Enforcement Directorate(ED) has registered a case against Tulsiani Builders’ chief managing director Anil Kumar Tulsiani and director Mahesh Tulsiani under the Prevention of Money Laundering Act (PMLA) for taking a loan of Rs 4.63 crore by submitting forged documents.
ED registered a case following a complaint lodged by the manager of Punjab National Bank who alleged that Tulsiani Group directors took a loan of Rs 4.63 crore after furnishing forged documents and did not respond to correspondence for recovery of loan amount.
It surfaced in the preliminary inquiry that the real estate firm also laundered the money of investors. ED will soon issue summons to the firm’s directors.
Officials claimed that the firm used to take money from homebuyers promising them flats under lucrative schemes even though it did not have land for construction.
In the last five years, dozens of investors have filed cases against the company for not getting flats. Three flats were also seized after a complaint was lodged with the Uttar Pradesh Real Estate Regulatory Authority (UP RERA).