Kamala Landmarc Case: ED Attaches Groups’s Assets Worth INR 63.96 Crore

The Enforcement Directorate (ED) has provisionally attached assets worth INR 63.96 crore from the M/s Kamala Landmarc Group of corporations, as well as different partnership businesses and private corporations held by the group. This action was initiated under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attachments are part of a money laundering investigation involving M/s Kamala Landmarc and others.

According to an official statement from the ED, assets worth INR 48.67 crore belonging to Jitendra Jain, Director of various partnership firms and private companies owned by M/s Kamala Landmarc Group of companies, and assets worth INR 15.29 crore belonging to Parvath Shetty, Partner in Kamla Landmarc Builder firm, have been attached. The attachments include immovable properties such as multiple homes worth INR 33 crore in Mumbai, agricultural areas worth INR 15 crore spread across Maharashtra, and plots worth INR 60 lakh owned by Jitendra Jain and his family. Additionally, different flats worth INR 15.29 crore in Mumbai owned by Parvath Shetty and his relatives have been attached.

The ED has launched an inquiry based on 37 FIRs filed by the Economic Offences Wing (EOW) Mumbai and several police stations in Mumbai against Jitendra Jain and other members of the Kamala Landmarc group of firms. These FIRs were filed under various sections of the Indian Penal Code (IPC) for alleged fraud and deceit against a large number of flat buyers, investors, and banks, totaling INR 408.25 crore. During the inquiry, the ED discovered that Jitendra Jain and others received loans from banks and financial institutions using the M/s. Kamla Landmarc Group of Companies. Banks and financial institutions declared INR 110.90 crore of the loan amount as non-performing assets (NPA).