ED Raids Nagpur Builder, Seizes Rs 1.95 Crore in Money Laundering Probe

Enforcement Action in Nagpur

The Enforcement Directorate (ED) has reportedly conducted searches at two locations in Nagpur, Maharashtra, as part of a money laundering investigation involving Shashank Govind Prasad Pandey, the owner of Prayag Developers and Builders. During the operations, authorities recovered and seized unaccounted cash amounting to Rs 1.95 crore and froze bank deposits exceeding Rs 40 lakh.

According to reported details from the agency, investigators also gathered various incriminating documents, digital devices, and records. Additionally, officials have reportedly identified several immovable properties worth crores suspected to have been acquired through proceeds of crime.

Allegations of Fraud and Land Deals

The investigation stems from First Information Reports (FIRs) registered at Nagpur's Ajni and Rana Pratap Nagar police stations under relevant sections of the Indian Penal Code (IPC).

• The Widow Fraud Case: Pandey is accused of defrauding an elderly widow of Rs 9.40 crore. Reports indicate he entered into an agreement to develop her land in exchange for Rs 1.75 crore and 14 residential flats. Although a deed was executed, Pandey allegedly cancelled the document without her consent, sold the flats to third parties, and generated Rs 8.93 crore for personal use while withholding payments due to her.
• Project Irregularities: The probe also covers alleged financial irregularities in the Divya Prayag Apartment project, where 22 flats were reportedly mortgaged to Dewan Housing Finance Corporation Limited (DHFL). Pandey is accused of selling these mortgaged properties without obtaining a No Objection Certificate (NOC), concealing the mortgage status from buyers, and submitting false affidavits.

Verification and Practical Implications

Readers and stakeholders seeking to verify the official details of this investigation can consult official press releases issued by the Enforcement Directorate or check updates from verified law enforcement channels. As this is an ongoing financial investigation, further legal proceedings will depend on the findings presented by the agency in court. No final judicial verdict has been pronounced against the accused at this stage.