Mumbai: law enforcement bureau (ED) Immovable properties worth Rs 53 crore in Navi Mumbai have been temporarily attached Emperor Global Group.
Multiple FIRs were registered by the police against Monarch Universal Group, Gopal Amarlal Thakur, Hasmukh Amarlal Thakur and other people from whom money was collected for selling apartments without registering the properties in different departments of The ED has initiated this investigation. It defrauded genuine condo buyers.
The case that was filed at the court is based on an investigation carried out by the ED which revealed that Gopal diverted huge amounts of investor funds to its various sister entities and deposited huge amounts of Proceeds of Crime (PoC) through a complex network of money routing at various builders in Navi Mumbai, namely Baba Residential Construction Business and developer, Lakhani Builders Pvt. Ltd., Monarch Solitaire LLP, et al.
In another revelation made by the investigators, it became clear that Monarch group and their directors sold same flats to multiple flat buyers. Hidden away from clients’ knowledge they obtained loans from Non-Banking Financial Companies giving out these mortgaged flats. He is currently being held in custody since his arrest on July 2021.
His company defaulted on loans from financial institutions and cheated several flat buyers in the project by not allotting them flats after collecting payments and selling them to multiple buyers. Most apartments are priced according to the requirements of middle income earners. This is one among many projects in Navi Mumbai done by this group where it has hired a heroine as brand ambassador and paid millions of dollars for designers who will make interiors for some apartments within its project xrange.
