Another prominent builder nabbed by ED
New Delhi: Central government probe agency ED the director of realty player Monarch Universal Group in a case of money laundering to the tune of Rs 50 crore.
Gopal Amarlal Thakur, director of Monarch Universal Grp is a prominent builder of Navi Mumbai. Thakur was nabbed by the ED and produced before a Special PMLA Court. The court sent Thakur to ED custody till 8 July.
The investigation was started byte ED after Maharashtra Police lodged a case against the director and his company Monarch Universal for allegedly duping home buyers. The builder took money from the home buyers but never registered the monies in their names even after a long time, ED said in a statement.
It was also found out that the builder had sold off the same houses to many buyers. It was also reveled in the investigations that the builder mortgaged the houses and took loans from a housing finance company without letting the original flat buyers know. The company then diverted the monies to several other persons and entities.
The company is run by Thakur and his brother Hasmukh. It is also being probed for alleged fraudulent practices against home buyers including some NRIs.