ED seizes Neomax Properties worth Rs 207 crore in money laundering probe

20 Dec 2023 CW Team

In a significant development, the Enforcement Directorate (ED) has taken stringent action in its ongoing money laundering probe, attaching assets worth Rs 207 crore related to Neomax Properties. The move comes as part of the ED's relentless efforts to curb illicit financial activities in the real estate sector.

The ED's intervention underscores the growing concern over illicit financial practices within the realty sector. Neomax Properties, a key player in the industry, now faces scrutiny as investigators delve into the intricate web of financial transactions.

The attached assets, valued at Rs 207 crore, represent a significant crackdown on potential money laundering activities. This action aligns with the ED's commitment to ensuring transparency and accountability in financial dealings, particularly in high-value sectors like real estate.

The move serves as a deterrent to those engaging in unlawful practices within the industry. As the investigation unfolds, stakeholders in the real estate market will be closely watching the developments. The ED's decisive measures signal a broader effort to cleanse the sector of any malpractices, fostering a more robust and trustworthy real estate environment in the country.

This episode serves as a reminder that regulatory bodies are actively working to maintain the integrity of financial systems, safeguarding both investors and the overall economy.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..