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India Today
19 minutes ago
- India Today
Tribunal raps ED for ignoring due process in launching probe into Pune land deal
An appellate tribunal came down heavily on the Enforcement Directorate (ED) for making a land parcel in Pune a subject of their investigation without following due process and Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) Appellate Tribunal quashed the ED provisional attachment orders on land in Pune's Hinjewadi purchased by a trading land, intended for development by Hindavi Swarajya Trading Company, was linked to an ED probe, without the knowledge of the cooperative society and its The tribunal highlighted negligence on the part of the ED and collusion of the investigating/enquiry officer in keeping the director of the company in the case involves land acquisition by Hindavi for a group cooperative housing society, which houses 126 flats. Homebuyers had secured extensive loans from banks to fund their tribunal noted that negligence by the ED has risked public money in the form of home loans from government and private banks to the tune of approximately Rs 30 crore. Despite due diligence by the company, the ED did not inform the director about the attachment tribunal also rapped the ED over its failure to disclose the attachment status during the land purchase diligence, stating, "At this belated stage, when the land is already sold, developed and constructed into flats, and thereafter, the said flats were sold to a large number of owners, the situation cannot be reversed at this stage. Otherwise, it will prejudice the interests of the appellants and buyers of the flats".The tribunal underscored that both the company and the banks had conducted thorough verification processes, and during the intervening period no steps were taken by respondent ED to restrain the development and sale of flats to the counsel for the appellants, Faraz Khan, welcomed the ruling, and said that the decision draws a constitutional boundary by punishing launderers and not honest citizens."Due diligence is not a game of hide and seek. When the State attaches property, it must shout it from the rooftops—register it, publicise it, mark it. The ED's failure to follow this process almost destroyed the lives of 126 families," Khan said."Freezing and de-freezing crores of suspected laundered funds while concealing attachment from an innocent purchaser is not just carelessness, it is institutional failure. This ruling sets a template for all such cases where third parties unknowingly buy into attached properties. It's a victory for every ordinary home-buyer," Khan added.- EndsTune InMust Watch
The Print
22 minutes ago
- The Print
Suraj Estate Developers launches Rs 120-cr project in Mumbai
Mumbai, Jul 14 (PTI) Suraj Estate Developers has launched a luxury residential project with potential gross development value of Rs 120 crore in the financial capital of the country, according to an exchange filing. 'Strategically located in Prabhadevi – one of Mumbai's most sought-after residential neighborhoods – the project has an estimated gross development value of Rs 120 crore,' the filing stated.
The Print
22 minutes ago
- The Print
Jane Street deposits Rs 4,843 cr in escrow account; requests Sebi to lift curbs
In an interim order on July 3, the regulator found Jane Street (JS) guilty of manipulating indices by taking bets in cash and futures & options markets simultaneously for making massive gains. The watchdog is examining the request, Sebi said in a statement on Monday. New Delhi, Jul 14 (PTI) US-based hedge fund Jane Street, which allegedly made handsome gains through market manipulation, has deposited the mandated Rs 4,843.57 crore in an escrow account in favour of Sebi and requested it to lift certain restrictions. Sebi barred the hedge fund from accessing the market and impounded over Rs 4,843 crore in gains. The probe found that JS made a profit of Rs 36,671 crore on a net basis during the probe period from January 2023-May 2025. In compliance with the interim order, a sum of Rs 4,843.57 crore has been credited to an escrow account with a lien marked in favour of Sebi, the regulator said. 'Jane Street has further requested Sebi that, following the creation of this escrow account in compliance with Sebi directions, certain conditional restrictions imposed under the interim order be lifted and that Sebi issue appropriate directions in this regard,' the statement noted. 'This request is currently under examination by Sebi in accordance with the directions of the interim order,' it added. The regulator said it remains committed to following due process and ensuring the integrity of the securities market. PTI SP ANU ANU This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
