Enforcement Directorate attaches Immovable Property worth 24.39 Crore of Sanskar Group

The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth Rs. 24.39 crore belonging to M/s Sanskar Group, a proprietorship concern of Manish Sharma, Navin Beri, M/s Lavanya Travels, and Arvind Chadha Villas and flats in Goa, flats, and office space in Delhi and Faridabad, and Fixed Deposits are among the associated assets, in connection with its investigation into the offense of money laundering begun against Manish Sharma, Navin Beri, his partnership firm M/s Lavanya Travels, and Arvind Chadha,

ED initiated a money-laundering investigation on the basis of multiple FIRs registered by Goa Police under various sections of IPC against Manish Sharma, Navin Beri, and Arvind Chadha for duping investors to the tune of approx. Rs.10 Crore by promising them Villas in Banjara Hills Project, to be developed by M/s Sanskar Group in Anjuna, Goa.

An investigation by ED revealed that Manish Sharma entered into ‘agreement to sale’ and ‘sale deed’, executed before civil cum Sub-Registrar, with the buyers promising to deliver the villas within a certain time frame When the job is completed, however, Manish Sharma and Navin Beri, with the help of others, got the job done to roughly 60-70 percent. The Banjara Hills project was mortgaged by the Bank Manager of Jammu and Kashmir Bank. In Panaji, Jammu and Kashmir Bank Ltd, and received a loan of Rs. 20 crore from the bank. Presenting forged documents Following that, the loan funds were redirected to the Manish Sharma’s bank accounts, Navin Beri’s partnering firm M/s Lavnaya’s bank accounts Arvind Chaddha and his travels They put this money to good use and consumed it. for their own personal use .The bank designated the loan account as a nonperforming asset (NPA).

Investigation with regard to tracing the remaining Proceeds of Crime is in progress.