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Mumbai: The Enforcement Directorate (ED) has made a significant arrest in the case of alleged fraud and cheating related to the Oshiwara Project. Vijay Machinder, the director of M/s Ornate Spaces Pvt. Ltd., was apprehended on 03.01.2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s investigation stems from an FIR filed by the Oshiwara Police Station in Mumbai, Maharashtra. The complaint alleges that, between 2012 and 2019, Vijay Machinder, acting as a Builder/Developer, accepted flat booking amounts for the Oshiwara Project. However, he is accused of misappropriating the collected funds, defrauding flat buyers, and breaching trust, resulting in a sum of Rs.74 Crore.
Vijay Machinder, along with his family members, holds a directorial position in M/s Ornate Spaces Pvt. Ltd. The ED’s findings indicate that the company, in 2010, entered into a development agreement for a plot initially allocated to employees of United Trust of India by MHADA. Subsequently, from 2012 onwards, Machinder commenced advance flat bookings and secured loans against the saleable area of the Oshiwara Project.
“Multiple flat buyers invested in the project, contributing approximately Rs.93.44 Crore. Additionally, Machinder availed loans totaling Rs.710 Crore, with an outstanding principal amount of around Rs.470 Crore. Despite the substantial funding, construction work on the Oshiwara Project has not progressed beyond excavation”.
Vijay Machinder was presented before the Hon’ble Special PMLA Court in Mumbai, which granted the ED custody until 12/01/2024 for further interrogation. The case sheds light on the complexities of financial irregularities in real estate projects and underscores the need for stringent legal actions to safeguard the interests of unsuspecting investors. The ED’s pursuit of justice in this matter remains ongoing.
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