Real Estate Giants and Directors Hit with Money Laundering Charges
Real Estate

Real Estate Giants and Directors Hit with Money Laundering Charges

The Directorate of Enforcement (ED) has filed a prosecution complaint against real estate companies Premia Projects Ltd and Solitaire Infomedia Pvt Ltd, along with their directors, under the Prevention of Money Laundering Act (PMLA), in connection with alleged fraud against homebuyers.

The directors named in the complaint are Tarun Shienh (Chairman and Managing Director of Premia Group), Rekha Shienh, Luxmy Rajput, and Charanjeet Singh Dani. The case has been filed in the Special Court, PMLA, Ghaziabad, Uttar Pradesh.

The ED investigation stems from multiple FIRs registered by the Uttar Pradesh Police and Economic Offence Wing, Delhi, against the aforementioned individuals on charges of fraud under the Indian Penal Code and Gangster Act, based on complaints filed by homebuyers.

During its investigation, the ED provisionally attached movable and immovable assets worth Rs. 24.17 crore, suspected to be proceeds of crime. This attachment order was subsequently confirmed by the adjudicating authority under the PMLA in New Delhi.

The prosecution complaint marks a significant escalation in the case against the Premia Group and its directors. If convicted under the PMLA, they could face imprisonment and confiscation of assets involved in the alleged money laundering scheme.

Homebuyers: This development offers a ray of hope for aggrieved homebuyers who have been waiting for justice. The court proceedings will determine the culpability of the accused and, if found guilty, could lead to compensation for the affected individuals.

The Directorate of Enforcement (ED) has filed a prosecution complaint against real estate companies Premia Projects Ltd and Solitaire Infomedia Pvt Ltd, along with their directors, under the Prevention of Money Laundering Act (PMLA), in connection with alleged fraud against homebuyers. The directors named in the complaint are Tarun Shienh (Chairman and Managing Director of Premia Group), Rekha Shienh, Luxmy Rajput, and Charanjeet Singh Dani. The case has been filed in the Special Court, PMLA, Ghaziabad, Uttar Pradesh. The ED investigation stems from multiple FIRs registered by the Uttar Pradesh Police and Economic Offence Wing, Delhi, against the aforementioned individuals on charges of fraud under the Indian Penal Code and Gangster Act, based on complaints filed by homebuyers. During its investigation, the ED provisionally attached movable and immovable assets worth Rs. 24.17 crore, suspected to be proceeds of crime. This attachment order was subsequently confirmed by the adjudicating authority under the PMLA in New Delhi. The prosecution complaint marks a significant escalation in the case against the Premia Group and its directors. If convicted under the PMLA, they could face imprisonment and confiscation of assets involved in the alleged money laundering scheme. Homebuyers: This development offers a ray of hope for aggrieved homebuyers who have been waiting for justice. The court proceedings will determine the culpability of the accused and, if found guilty, could lead to compensation for the affected individuals.

Next Story
Real Estate

What Does Home Insurance Really Cover?

Home insurance is one of the most important protections a homeowner can have. It offers financial cover for unexpected damages, losses, or liabilities related to your property. However, many homeowners are not fully aware of what is actually included in their home insurance policy.This guide breaks down what home insurance really covers, so you can be better prepared and make informed decisions.What is home insurance?Home insurance is a financial product that protects your house and belongings against damage, theft, or accidents. It generally includes coverage for the building itself, as ..

Next Story
Infrastructure Urban

Hettich Strengthens Industry Ties at Madhya Pradesh Investment Meet

Hettich India, a global leader in furniture fittings, reinforced its commitment to Madhya Pradesh’s industrial growth as a Guest of Honour at an Interactive Session on Investment Opportunities in Power, Renewable Energy Equipment, and White Goods Manufacturing, hosted by the Government of Madhya Pradesh in partnership with the Confederation of Indian Industry (CII) at Hotel Trident, Nariman Point, Mumbai.The session, chaired by Dr Mohan Yadav, Hon’ble Chief Minister of Madhya Pradesh, brought together leading domestic and international investors, industry representatives, and business lead..

Next Story
Equipment

Raimondi Names New Saudi Branch Head

Raimondi Middle East has announced the appointment of Ahmad Shakkour as Branch Manager for the Kingdom of Saudi Arabia, reinforcing the company’s commitment to expanding its presence in one of its key regional markets.With Saudi Arabia driving a wave of large-scale infrastructure and urban development projects, Raimondi aims to strengthen its on-ground operations and customer engagement. The company currently has over 100 cranes deployed across the country and continues to expand its technical and service teams to support growing demand.“Saudi Arabia represents a cornerstone of our regiona..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?