The Enforcement Directorate (ED) has made an arrest in connection with a housing society land fraud case in Madhya Pradesh. Dilip Sisodiya, also known as Deepak Jain Madda, has been taken into custody and sent to seven-day ED custody by a special PMLA court. The ED launched an investigation under the Prevention of Money Laundering Act (PMLA) after multiple FIRs were lodged in Indore regarding the illegal sale and alienation of lands belonging to housing co-operative societies by Sisodiya and other builders and developers.
According to the investigation, Sisodiya and others fraudulently sold large parcels of prime land belonging to co-operative societies in Indore at undervalued rates by flouting rules applicable to such societies. Some of these societies were granted exemption under Section 20 of the Urban Land Ceiling Act, allowing them to acquire land exceeding the prescribed limit.
Sisodiya entered some of the societies either directly as an office-bearer through manipulated elections or indirectly influenced decision-making by placing his associates in key positions. As a result, the market value of lands pertaining to numerous societies is estimated to be over Rs 1,000 crore.
Previously, the ED had raided Sisodiya’s premises and those of his associates, resulting in the confiscation of Rs 91.21 lakh in cash and other incriminating documents. The investigation into the housing society land fraud is ongoing.
