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The Enforcement Directorate (ED) has seized assets worth INR 33.89 crore from Mumbai-based Sai Group under the Prevention of Money Laundering Act. The action stems from an investigation into alleged misuse of funds earmarked for redevelopment projects in D N Nagar, Andheri, Kandivali, and Goregaon. Properties seized include agricultural land, residential flats, shops, and a bungalow in Mumbai and Ahmednagar. Promoters Jayesh and Deep Tanna face charges of cheating, forgery, and criminal breach of trust, with losses to homebuyers estimated at INR 85.75 crore. ED raids across nine locations uncovered shell firms, suspected benami assets, and potential international links. Jayesh Tanna remains in judicial custody. The case echoes past high-profile redevelopment scams like Patra Chawl and Adarsh Society, underscoring systemic issues in Mumbai's real estate sector.
The Enforcement Directorate (ED) in Mumbai recently seized assets valued at INR 33.89 crore belonging to Sai Group, acting under the Prevention of Money Laundering Act. This action is part of an ongoing probe into alleged financial mismanagement linked to redevelopment projects in Mumbai. Advertisement
The seized properties include a mix of agricultural land, residential flats, commercial shops, and a bungalow in Mumbai and Ahmednagar. The investigation followed a series of FIRs registered by Mumbai Police against Jayesh and Deep Tanna who are promoters of Said Group, which eventually led to chargesheets being filed in the multiple cases. Authorities claimed that homebuyers' investments meant for redevelopment in D N Nagar, Andheri, Kandivali, and Goregaon were redirected for personal enrichment, causing a cumulative loss of INR 85.75 crore.
According to multiple sources, ED conducted raids across nine locations connected to Sai Group. Findings included documents, digital records and evidence pointing to alleged money laundering, a trail of shell companies, suspected benami properties and potential international links.
Jayesh Tanna has remained in judicial custody since late last year. His bail pleas were rejected owing to the seriousness of the charges, which include criminal breach of trust, cheating, and forgery.
This case is being viewed in parallel with past real estate scams such as the Patra Chawl redevelopment fraud and the Adarsh Housing Society scandal. Both cases exposed deep flaws in regulatory mechanisms and resulted in high-value asset seizures. The Sai Group episode appears to follow a similar trajectory highlighting the recurring risk of unchecked developer activity in the name of redevelopment.
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