ED Attaches Rs33.89 Crore in Properties of Sai Group Promoter Jayesh Tanna, His Family in Money Laundering Probe
Moneylife Digital Team 12 June 2025
The Mumbai zonal office of the directorate of enforcement (ED) has provisionally attached assets worth Rs33.89 crore belonging to Sai group promoter Jayesh Vinodkumar Tanna, his family members, and associated entities, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include agricultural land, residential flats, commercial shops, and a bungalow located in Mumbai and Ahmednagar.
 
According to ED’s statement, the action stems from an investigation based on multiple first information reports (FIRs) registered by Mumbai police against Mr Tanna, his brother Deep Tanna and others involved in large-scale cheating and misappropriation of public funds. The FIRs, filed under various sections of the Indian Penal Code (IPC), accuse the Sai group of duping flat buyers, old tenants, and investors by diverting funds from redevelopment projects for personal enrichment.
 
The probe revealed that promoters of the Sai group had systematically collected money from buyers and investors under the pretext of executing redevelopment projects in prominent areas of Mumbai, including DN Nagar, Andheri, Kandivali and Goregaon. However, instead of using these funds to complete the promised housing and commercial units, the money was allegedly siphoned off by the accused to acquire assets and for other unauthorised uses.
 
ED officials said the fraudulent activities caused a wrongful loss of Rs85.75 crore to home-buyers, original society members (tenants) and investors. The funds were meant for redevelopment and construction but were instead funnelled into personal assets now identified and frozen by the agency.
 
Earlier in the investigation, on 5 March 2025, ED had conducted extensive search operations at nine premises across Mumbai linked to the Sai group and its promoters. During these raids, officials recovered and seized several incriminating documents, financial records and property ownership papers. These materials revealed a trail of illicit transactions and asset acquisitions using proceeds of crime.
 
Among the seized evidence were documents showing ownership of land parcels, bungalows and flats in Maharashtra, as well as records hinting at the existence of movable and immovable assets located outside India. These findings formed the basis for the provisional attachment order issued on 10 June 2025.
 
ED stated that the current asset attachment followed a meticulous review of bank records, property purchase documents and the financial trail of diverted funds. The seized properties have been identified as proceeds of crime derived from defrauding flat-buyers and investors through redevelopment scams.
 
The Sai group, promoted by the Tanna brothers, is alleged to have lured home-buyers with false promises of timely project delivery, only to abandon or delay work while illegally diverting funds into private hands. Chargesheets in the majority of cases have already been filed by Mumbai police, reinforcing ED’s findings.
 
The agency confirmed that further investigation into the money laundering and asset laundering operations of the group is ongoing. It is also examining possible overseas links and assets acquired outside India using laundered funds.
 
ED’s crackdown comes amid growing scrutiny of real estate-linked frauds in the city, especially those involving delayed or failed redevelopment projects. 
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