Mumbai ED has attached Rs 19 crore worth of assets linked to Karrm Developers, associated with Vivek Oberoi, amid a money laundering probe into alleged housing project fraud. The Directorate of Enforcement (ED) Mumbai has provisionally attached movable and immovable assets worth Rs 19.61 crore linked to directors, group entities, and others in connection with an ongoing money laundering probe.
Per Free Press Journal, the case involves Karrm developers, which has been under investigation for financial irregularities in housing projects marketed for lower-middle-class families.
In December 2023, the Bombay High Court criticized the Maharashtra Police for its handling of the large-scale housing scam, which involved Vivek Oberoi as a partner. Oberoi had endorsed and promoted multiple housing projects under the Karrm brand, including Karrm Residency in Dhasai village, Shahpur, Karrm Panchtatve in Kasagaon, Shahpur, and Karrm Brahmaand at Kelve Road, Palghar. These projects, initially promoted as affordable housing solutions, left over 11,500 buyers in a predicament as the promised nests were never delivered.
Karrm Infrastructure had positioned itself as a key player in the affordable housing sector, targeting the aforementioned faction of homebuyers through its Mission 360 initiative. Authorities, however, allege that the company misled customers by using fraudulent and forged documents, falsely presenting agricultural land as non-agricultural to secure investments.
This deception led to massive financial losses for naïve buyers who had invested their savings in the projects. Following the latest action from the ED, the case has gained renewed attention, with affected homebuyers demanding harsher measures against those responsible. They also hope to recover their losses via the attached properties.
