ED freezes properties worth ₹332.24cr linked to Prabhudas Virchand Lotia
Business
The Enforcement Directorate (ED) just froze properties worth ₹332.24 crore linked to hotelier Prabhudas Virchand Lotia and others.
Big names on the list: Hotel Rangsharda in Bandra and a land parcel in Mumbai's Prabhadevi.
The move comes after trustees of Rang Sharda Pratishthan complained that land meant for their trust was being misused.
ED estimates ₹512cr MHADA land misuse
According to the ED, MHADA gave this land at a discount so it could be used for Marathi theater and cultural activities.
Instead, Lotia allegedly ran a hotel, bar, and banquet hall there, without proper permissions, and even sold commercial premises on the land illegally to buy more property.
The agency thinks around ₹512 crore is involved as proceeds of crime.