In a significant development in the ongoing investigation into a money laundering case, the Enforcement Directorate (ED), Mumbai, has issued a Provisional Attachment Order under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The order pertains to the attachment of assets belonging to Vijay Machinder, Director of M/s Ornate Spaces Pvt. Ltd, and his family members.
The attached assets, valued at Rs. 7.04 Crore, comprise immovable properties, including various flats located in Mumbai. This action comes in light of allegations against Vijay Machinder of misappropriating funds collected from flat bookings in the Oshiwara Project, thereby defrauding buyers to the tune of Rs. 74 Crore.
The investigation by the ED was initiated based on an FIR registered by the Oshiwara Police Station against Vijay Machinder. It was alleged that Machinder, between 2012 and 2019, misappropriated funds collected for flat bookings in the Oshiwara Project, breaching trust and defrauding buyers.
Further revelations during the investigation uncovered that M/s Ornate Spaces Pvt. Ltd. had executed a development agreement in 2010 for a plot originally allotted to employees of United Trust of India by MHADA. Subsequently, Vijay Machinder began accepting advance flat bookings and loans against the saleable area of the Oshiwara Project in 2012.
Despite collecting approximately Rs. 93.44 Crore from multiple flat buyers and availing loans amounting to Rs. 710 Crore, with an outstanding principal amount of approximately Rs. 470 Crore, construction work on the Oshiwara Project had not commenced beyond excavation work.
Vijay Machinder was arrested on 03.01.2024 under the PMLA, 2002, for his role in defrauding and cheating flat buyers of the Oshiwara Project. He remains in judicial custody, awaiting further legal proceedings before the Hon’ble PMLA Court, Mumbai.
