Residential flats, commercial shops, and office space linked to the Goregaon Pearl CHS Project, valued at Rs 41.70 crore, were confiscated by the Enforcement Directorate (ED) in Mumbai. The ED’s Mumbai Zonal office provisionally attached these assets on March 25 under the Prevention of Money Laundering Act (PMLA) of 2002. The attached assets comprise fully or partially constructed residential flats, commercial shops, and office space associated with the “Goregaon Pearl CHS Project.”
The ED’s investigation revealed that these assets were developed by Sai Siddhi Developers initially. Some of these constructed or partly constructed assets were sold to external buyers who neither received the units nor any refunds. The ED stated that the funds obtained by Jayesh Tanna of Sai Siddhi Developers through deceiving genuine outside buyers are considered proceeds of crime in this case. The ED initiated the investigation based on multiple FIRs filed by the Mumbai Police against Sai Siddhi Developers, Jayesh Tanna, and others regarding the “Goregaon Pearl CHS Project.”
According to the ED, Jayesh Tanna, the key partner of Sai Siddhi Developers, engaged in various fraudulent activities to divert funds from flat and shop buyers meant for the Goregaon Pearl redevelopment project for personal gains. This diversion of funds resulted in the non-delivery of the project, causing a financial loss of Rs 47.51 crore to the buyers. In a separate case involving Jayesh Tanna and associated entities of Sai Group of Companies, the ED had previously conducted a search operation at nine locations in Mumbai on March 5, 2025. Subsequently, assets worth Rs 35.89 crore belonging to Jayesh Tanna, his family members, and associated entities were provisionally attached by the ED.
