The Enforcement Directorate in Nagpur has attached immovable properties valued at Rs 3.35 crore belonging to a couple who deceived investors by promising property sales and loans from a foreign institution. The attached assets include three commercial shops and two lands totaling 10.37 acres owned by Sachin Shatrugha Pandey and family members. These properties were provisionally attached under the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s investigation, based on FIRs filed against Pandey and associates for criminal activities, revealed that despite no longer owning the properties, Pandey and his wife Khushi entered into agreements with investors, misappropriating funds. Pandey and his associates failed to fulfill promises to arrange a loan of Rs 18 crore and misused Rs 1.2 crore taken as margin money. The investigation also uncovered diversion of funds into various bank accounts for personal gains and expenditures.
Investigations under the PMLA, 2002, exposed Pandey as a repeat offender who defrauded multiple individuals through false promises. Funds received were channeled into real estate, medical expenses, and personal acquisitions. The ED’s findings highlight a pattern of deceitful practices by Pandey and his associates, leading to financial losses for victims.
