The Enforcement Directorate (ED) on Friday arrested Mumbai-based builder and movie financier Yusuf M Lakdawala in a cash laundering case linked to an alleged forging of doc for the acquisition of a primary land in Khandala. He was arrested below sections of the Prevention of Cash Laundering Act (PMLA) and later produced by the central probe company earlier than a neighborhood courtroom that despatched him to ED custody until June 2, the company stated.
The ED case in opposition to the 76-year-old Lakdawala and others was primarily based on a 2019 FIR filed by the financial offences wing (EOW) of the Mumbai police that pressed expenses of dishonest and forging paperwork associated to a 50 crore price land located in Khandala below Pune district’s Maval tehsil. The about four. four acre land is said to belong to the household of erstwhile nawab of Hyderabad, Himayat Nawaz Jung Bahadur.
The police probe discovered that Lakdawala, in alleged connivance with some authorities officers and others, solid the paperwork of this land to point out it was bought by his father in 1949, who later gifted him it to him. The ED, in a press release, stated its investigation discovered that “Lakdawala has many dummy or shell corporations.”
“On scrutiny of financial institution accounts of those corporations, it was revealed that though these corporations do not need worthwhile enterprise, transactions price crores of rupees have been made by means of these shell corporations,” it stated.
It was additionally discovered, the ED alleged, that funds have been layered by means of these shell corporations to cover the unique supply and the identical was utilised to buy immovable properties price crores of rupees. “With a purpose to buy these properties, fee was given to another accused, which was routed by means of the shell corporations of Lakadawala,” it claimed.
The ED had additionally raided the premises of Lakdawala and seized some “incriminating paperwork and digital knowledge”. Company sources stated Lakdawala was summoned a number of instances for questioning within the case however he saved skipping them.