The Enforcement Directorate (ED) announced on Friday that it has seized assets valued at Rs 64.16 lakh owned by Shrikant Ghante and Subhash Dubey in connection with a scam targeting investors and buyers in Indore. This action was carried out under the Prevention of Money Laundering Act (PMLA) 2002, following an investigation into the Nav Bharat Grih Nirman Cooperative Society Ltd for fraudulent plot allotments and irregularities.
The probe was initiated based on a case filed by the Indore police against Shrikant Ghante and other officials of Nav Bharat Grih Nirman Cooperative Society Ltd., Indore, under various sections of the Indian Penal Code. The ED’s investigation uncovered financial irregularities and fraudulent activities within the society.
The attached properties of Shrikant Ghante and Subhash Dube include a plot and a residential building in Indore. According to the ED, the scam involved the society’s Chairman, vice-president, and Board of Directors members cheating their own members by selling land acquired with society funds to different entities and siphoning off money.
The proceeds of the fraud were generated through deceitful practices and destroying financial records. The illegally obtained funds were then used to acquire immovable properties. The ED mentioned that the investigation is ongoing, with more revelations expected soon.
