The ED has arrested the CEO of a Goa-based company for allegedly laundering money by cheating foreigners on the pretext of selling them real estate in the beach state.
Ankit Kumar Jain, CEO and former director of Sanatan Financers and Real Estates Pvt Ltd, was arrested under the provision of the Prevention of Money Laundering Act.
“The accused has cheated foreign nationals under the guise of selling properties under the project named Peace Valley situated at Sirvoi, Deumol and Quepem in Goa,” the Enforcement Directorate said in a statement.
The agency’s PMLA case is based on a Goa police FIR filed against the company and CEO Jain for allegedly defrauding foreigners.
Probe found that the ED said Jain and his father Sunil Kumar fraudulently created around 50 shell companies and induced foreigners to invest their money directly or through FDI route in these companies with the promise to sell properties to the foreigners in the Peace Valley project.
“As per law, foreigners
are not allowed to buy properties in India and this violation attracts provisions of Foreign Exchange Management Act.”
“Accused lured these gullible foreign nationals to invest with a promise that their investments would be utilised in acquiring properties in Goa and in return they would be allotted shares of the company,” it claimed.
The foreigners, it said, invested in these shell companies which were subsequently transferred to the accounts of Sanatan Financers and Real Estates Pvt. Ltd, owned and controlled by the father and son.
“However, no shares were issued to these foreign nationals and they were just appointed directors in these companies,” it said.
Ownership of properties was never transferred in the name of these foreigners, the agency alleged.