ED arrests Lakdawala in money laundering case

The Directorate of Enforcement (ED) arrested Mumbai-based film maker and financier Yusuf M Lakdawala on Friday in a money laundering case related to alleged document forgery to purchase prime land in Khandala.

He was arrested under articles of the Prevention of Money Laundering Act (PMLA) and was subsequently brought by the central investigative agency to a local court which sent him into custody until ‘as of June 2, the agency said.

The ED case against Lakdawala, 76, and others was based on a 2019 FIR filed by the Economic Offenses Wing (EOW) of the Mumbai Police Force who filed a complaint for cheating and forgery of land-related documents valued at 50 crores located in Khandala. under the Maval tehsil of the Pune district.

The approximately 4.4-acre land is believed to be owned by the family of former Hyderabad nawab, Himayat Nawaz Jung Bahadur.

The police investigation revealed that Lakdawala, in alleged connivance with some government officials and others, forged the documents of this land to show that it had been purchased by his father in 1949, who then gifted it to him. The ED, in a statement, said its investigation revealed that “Lakdawala has many shell and shell companies.”

“Examination of the bank accounts of these companies revealed that although these companies do not have a profitable business, transactions worth millions of rupees have been carried out through these shell companies.” , did he declare. The ED alleged that funds were deposited through these shell companies to hide the original source and that the same was used to buy real estate properties worth millions of rupees.

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