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The Enforcement Directorate (ED) on Thursday attached Rs 7.04 crore worth assets of Mumbai-based builder Vijay Machinder in connection with a money laundering case.
The attached assets are in the form of immovable properties, including various flats, located in Mumbai, which belong to Machinder, who is the director of Ornate Spaces Private Limited.
Vijay Machinder was arrested by the ED on charges of duping several buyers and investors to the tune of over Rs 50 crore in a project launched by his company in Oshiwara area, on January 3 and is in judicial custody.
The ED initiated an investigation on the basis of FIR registered by Oshiwara Police Station against Vijay Machinder, which claimed that Vijay had misappropriated funds collected between 2012 and 2019 for accepting flat booking amounts in Oshiwara Project. He had defrauded various buyers to the tune of Rs 74 crore by unjustly breaching the trust, the FIR stated.
Investigation revealed that Ornate Spaces had executed agreement in the year 2010 for the development of a plot, originally allotted to employees of United Trust of India by Maharashtra Housing and Area Developing Authority.
Machinder started taking advance flat bookings as well as loans from financial institutions against the saleable area of Oshiwara Project since 2012. He collected around Rs 93 crore from multiple flat buyers as part of advanced booking for the project. He had also taken loans of around Rs 710 crore, of which the principal amount of Rs 470 crore is yet to be paid.
However, the ED found that construction work of the Oshiwara project had not yet began, except the excavation work.
