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Aashish Jain, Director at Arihant Shelters, was arrested this week by the Enforcement Directorate (ED) in connection with the fraudulent sale of government-earmarked OSR (Open Space Reservation) lands in Tamil Nadu. The investigation revealed forged documents were used to transfer the lands to private buyers, who then sold them to NHAI and SIPCOT at inflated prices. ED has seized assets totaling INR 18.10 crore, including cash, gold, shares, and bank balances. The probe indicates long-term manipulation of lands originally intended for public utilities, with proceeds allegedly routed through shell companies.
Aashish Jain, a Director at Arihant Shelters, was taken into custody this week by the ED in a money?laundering case linked to the sale of OSR lands in Tamil Nadu. These lands, initially allocated for public utilities like parks and roads in 1991, were reportedly transferred to private individuals using forged documents. Soon after, the lands were acquired by the National Highways Authority of India (NHAI) and SIPCOT at inflated valuations. Advertisement
Raids conducted across 15 locations in Chennai, Kanchipuram, and Chengalpet led to the seizure of cash worth INR 1.56?crore and gold valued at INR 74?lakh. Bank balances of INR 8.4?crore and shares worth INR 7.4?crore were also frozen, bringing the total assets seized under the Prevention of Money Laundering Act to INR 18.10?crore.
The irregularities trace back to lands handed over by a private conglomerate in 1991 for public use. ED investigators allege that V G S Rajesh, a partner in VGP Investments Ltd., cancelled the gift deeds using fake documents and sold the lands to associates or dummy buyers. These buyers inflated the sale prices in official records to claim higher compensation from NHAI and SIPCOT when the lands were acquired for industrial and infrastructure projects.
Proceeds from these inflated compensation payments were reportedly laundered through shell companies and accounts of relatives and associates. Large sums were withdrawn in cash to obscure the money trail. The case also follows earlier FIRs filed in 2021-22 by police in Sriperumbudur and Kancheepuram, which triggered the ED investigation.
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