Foreigners cheated in Goa; Enforcement Directorate attaches 56 flats, 16 villas

The Enforcement Directorate (ED) has attached 56 flats and 16 villas at Peace Valley in Deumol, Goa along with balance in bank account totalling to Rs 7.73 crore under Prevention of Money Laundering Act (PMLA) in a case relating to cheating of foreign nationals by Goa-based accused businessmen Ankit Kumar and Sunil Kumar.

The attached assets are held in the names of M/s Sanatan Financers and Real Estates Pvt Ltd, Goa. “The accused persons illegally collected funds from these foreign nationals in the guise of selling properties under the project named as peace valley,” an ED statement issued on Saturday read.

The ED initiated an investigation under the provisions of PMLA based on the FIRs registered by Goa Police on the complaints filed by foreign nationals.

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“During the course of investigation under PMLA, it is revealed that the accused had collected money from foreign nationals through Foreign Direct Investment (FDI) route in the accounts of their various shell companies including M/s Sanatan Financers and Real Estates Pvt Ltd. These gullible foreign nationals were induced to invest in the companies formed by accused Ankit Kumar and Sunil Kumar, towards the purchase of flats/villas,” the agency said.

“However, the ownership of said flats/villas was never transferred to foreign nationals. In this manner, during the period from 2006 to 2011, the accused had received Rs 7.73 crore by duping the foreign nationals and acquired 16 Villas worth Rs 2.56 crore and 56 flats in Goa worth ₹5.17 crore. These assets and balance in the bank account being proceeds of crime have been provisionally attached under PMLA,” it added.

The PMLA defines proceeds of crime as “any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property”. As per law, foreigners are not allowed to buy properties in India and this violation attracts provisions of Foreign Exchange Management Act (FEMA). Ankit was arrested in the case by the ED in March and has been released on bail.