Enforcement Directorate (ED) on Saturday seized 33 flats amounting to almost ₹462 crore which belonged to Congress leader Baba Siddique and Pyramid Developers.
This matter is related to money laundering and the alleged use of fake papers to acquire extra Floor Space Index (FSI) under the Slum Rehabilitation Authority (SRA) scheme for the redevelopment of Jamat-e-Jamhooria CHS Limited which is located in Bandra West, Mumbai.
Earlier, ED had filed a criminal case against Pyramid Developers under Prevention of Money Laundering Act (PMLA). Baba Siddique is accused of misusing his position as the Chairman of SRA from 2000 to 2004 because he gave the contract to Builder Pyramid Developer.
Through the investigation, it has come to light that this project has been passed wrongly and unethically and the scam amounts to ₹2000 crore. In 2014, the Mumbai Police registered an FIR in this matter too.
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