ED Raids Nagpur Builder Over Alleged Property Fraud, Seizes ₹1.95 Crore Cash, Freezes Bank Deposits Worth ₹40 Lakh

· Free Press Journal

Mumbai: The Enforcement Directorate (ED) has seized Rs 1.95 crore in unaccounted cash and frozen bank deposits worth more than Rs 40 lakh during searches at two premises linked to Nagpur-based builder Shashank Govindprasad Pandey, who is accused of cheating a senior citizen widow of Rs 9.4 crore and selling mortgaged flats to homebuyers without disclosing the existing bank liabilities. The agency has also identified several immovable properties worth crores of rupees suspected to have been acquired from the proceeds of crime.

The searches were conducted on October 26 by the ED's Nagpur office under the Prevention of Money Laundering Act (PMLA), 2002, at premises linked to Shashank Govindprasad Pandey, proprietor of Prayag Developers & Builders. Incriminating documents, records and digital devices were also seized during the searches. 

The ED initiated its investigation on the basis of FIRs registered at Ajni and Ranapratapnagar police stations in Nagpur under Sections 418 and 420 of the Indian Penal Code.

 According to the ED, Pandey entered into a development agreement with a senior citizen widow for development of her land. Under the agreement, he was required to pay her Rs 1.75 crore and allot 14 flats in the project. Although the flats were earmarked in her name through a Declaration-cum-Correction Deed, Pandey allegedly cancelled the document without her knowledge or consent and sold the flats to third parties.

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The agency suspects that Pandey misappropriated the sale proceeds of Rs 8.93 crore and diverted the money for personal use. He also allegedly withheld Rs 45 lakh payable to the widow under the agreement, taking the total alleged wrongful loss to her to Rs 9.4 crore. 

In another case involving his Divya Prayag Apartment project, the ED found that 22 flats had been mortgaged to Dewan Housing Finance Corporation Ltd (DHFL) against a project loan of Rs 22 crore. Of this amount, Rs 11 crore was disbursed by the lender. However, Pandey allegedly sold the mortgaged flats without obtaining a no-objection certificate from the lender or informing the buyers about the existing mortgage.

Investigators further alleged that Pandey submitted a false affidavit to a bank while applying for a home loan, concealing the mortgage on the flats. The lender subsequently reported outstanding dues of Rs 12.84 crore and initiated proceedings under the SARFAESI Act. The ED suspects that the alleged concealment of the mortgage and misrepresentation caused financial losses to homebuyers while resulting in wrongful gains to Pandey.

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