ED arrests Indore businessman in cooperative societies land fraud PMLA case


PTI | New Delhi | Updated: 05-06-2023 21:37 IST | Created: 05-06-2023 21:37 IST
ED arrests Indore businessman in cooperative societies land fraud PMLA case
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An Indore-based businessman has been arrested under the anti-money laundering law in a case linked to alleged illegal sale of a cooperative land worth more than Rs 1,000 crore in the city, the ED said on Monday.

Dilip Sisodiya alias Deepak Jain Madda was taken into custody under the Prevention of Money Laundering Act (PMLA) on June 3.

The money laundering case stems from some FIRs filed by the Indore Police on charges of illegal sale of the land of housing cooperative societies by Sisodiya in connivance with builders and developers, the Enforcement Directorate (ED) said in a statement.

The ED probe found that a number of people ''in connivance illegally sold and alienated huge parcels of prime land belonging to cooperative societies in Indore, Madhya Pradesh''.

Sisodiya ''connived'' with various persons to defraud the societies by way of sale of the huge parcels of land belonging to societies at under-valued rates to various persons by ''flouting'' the rules applicable for housing cooperative societies, the federal agency said.

These societies had huge landholding at prime locations of Indore as they were granted exemption under Section 20 of the Urban Land Ceiling Act. Due to this, they could acquire a lot of land.

Sisodiya, the ED claimed, entered into some of these societies either directly or as the office bearer through ''manipulated'' elections or indirectly influenced the decision-making by placing his known persons in decision-making positions.

''As on date, the market value of these lands is estimated to be more than Rs 1,000 crores,'' it said.

The agency had earlier searched the premises of Sisodiya and other accused and seized about Rs 91.21 lakh in cash.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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