Multi-crore fraud: ED attaches Lko flat worth

The Enforcement Directorate (ED), Lucknow, has provisionally attached property worth ₹1.5 crore in the form of a residential flat situated in Lucknow, belonging to Anil Kumar Tulsiani, director of M/s Tulsiani Constructions and Developers Pvt Ltd in a fraud case, under the provisions of Prevention of Money Laundering Act (PMLA), 2002, confirmed ED officials on Friday.
The ED had carried out comprehensive searches at 10 locations of Tulsiani group across three states in UP, Delhi and Haryana on April 24, 2024. The firm is accused of duping gullible investors and a bank of several crore after which the ED registered a case of PMLA, and further investigation is on in the matter.
ED officials confirmed that investigations revealed that the group had committed fraud with the bank and duped investors over ₹30 crore. They said searches were conducted at 10 locations in Lucknow, Prayagraj, Gautam Buddh Nagar, Delhi and Haryana’s Gurugram to collect more evidence related to the fraud. These locations included four locations in Lucknow, three locations in Prayagraj, one each in Gautam Buddh Nagar, Delhi and Gurugram. The ED had earlier seized some cash and incriminating documents related to the fraud during the searches.
The ED had registered the PMLA case based on the cases lodged by investors after the real estate firm turned defaulter after taking loan worth several crores from Punjab National Bank. The ED officials said the real estate group had taken a loan of ₹4.63 crore on forged documents. They said the group directors did not respond when the bank started communication with them after which the bank had lodged an FIR against the firm’s directors Mahesh Tulsiani and Anil Kumar Tulsiani and some other directors at the Hazratganj police station while some investors lodged an FIR against Ajay Tulsiani and Anil Tulsiani with Lucknow police.