ED Attaches Assets of Sai Group’s Fraud Builder Jayesh Tanna.

ED Attaches Assets of Sai Group’s Fraud Builder Jayesh Tanna

• Sai Group’s London Bungalow Seized by ED

• Homebuyers Cheated, Assets Attached

• Luxury Abroad, Fraud at Home: Tanna Exposed

Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098

The Enforcement Directorate has attached assets worth ₹35 crore belonging to Mumbai-based builder Jayesh Tanna in connection with the Sai Group redevelopment scam. Tanna allegedly defrauded investors of ₹85 crore. The seized assets include a luxury bungalow in London. Sprouts News Investigation Team (SIT) continues tracking the case.

Sai Group Scam: ED Seizes ₹33.89 Cr Assets in Mumbai, London Bungalow Also Seized

In a major crackdown, the Enforcement Directorate (ED) has provisionally attached assets worth ₹35 crore belonging to Mumbai-based builder Jayesh Vinodkumar Tanna, promoter of the infamous Sai Group. The action stems from allegations of large-scale fraud involving thousands of flat buyers and investors who were promised homes in redevelopment projects across Mumbai’s suburbs. The initial attachment includes assets in Mumbai and a luxury bungalow in London, believed to have been acquired through proceeds of crime.

The ED’s action follows multiple complaints filed by aggrieved homebuyers and investors who claim they were duped by Tanna under the guise of delayed or uncompleted redevelopment projects in D.N. Nagar (Andheri), Kandivali, and Goregaon. The case has stirred significant unrest in Mumbai’s real estate sector and has once again highlighted the regulatory failure in protecting homebuyers’ interests.

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₹85 Crore Fraud Exposed in Sai Group Projects

According to officials, Jayesh Tanna and his brother Deep Tanna allegedly siphoned off ₹85.75 crore collected from homebuyers and diverted the funds for personal enrichment instead of utilizing them for project completion. The Mumbai Police Economic Offences Wing (EOW) has already registered nine FIRs against the Tanna brothers under cheating and criminal conspiracy charges. Both were arrested earlier this year.

Investigations by the Sprouts News Investigation Team (SIT) reveal that multiple redevelopment agreements were left incomplete after collecting advances, with several housing societies left in limbo. The builders neither completed the projects nor returned the buyers’ money, resulting in widespread public outcry and legal action.

Digital & Paper Trail Uncovered by ED Raids

In March 2025, the ED conducted coordinated raids at nine locations linked to Sai Group across Mumbai. During these operations, the agency recovered crucial documents and digital evidence pointing toward diversion of investor funds. Subsequent scrutiny confirmed the acquisition of benami properties, shell investments, and overseas assets funded through illicit means.

Based on this evidence, the ED, in June 2025, attached ₹33.89 crore worth of assets under the Prevention of Money Laundering Act (PMLA). These include high-end apartments, land parcels, and commercial properties across Maharashtra.

London Mansion Worth ₹2.7 Crore Seized in Follow-Up Action

In a follow-up action in July 2025, the ED unearthed a high-value bungalow in London worth approximately ₹2.7 crore (GBP 207,000) allegedly purchased using the proceeds from the Sai Group scam. The property, registered under Tanna’s family member, was immediately attached, taking the total seizure to ₹35 crore.

Sprouts News Investigation Team (SIT) has learned from sources that this UK asset was bought shortly after investors began raising complaints in India—raising serious concerns about international money laundering and asset flight.

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More Overseas Properties Under Scanner, Investors Await Justice

The ED’s probe further revealed attempts by the accused to liquidate and sell properties to evade attachment. Investigators have retrieved substantial digital evidence showing communications and attempted transactions involving overseas real estate. These findings suggest a deeper international money laundering network.

As of now, ED continues its probe into Tanna’s global assets, and more seizures may follow. Officials believe that the funds misappropriated from innocent buyers were systematically laundered and parked in offshore properties. This has intensified investor demands for recovery and justice.

According to sources close to Sprouts News Investigation Team (SIT), the agency is also coordinating with UK authorities under international cooperation mechanisms to ensure complete asset recovery and possible repatriation.

A Test Case for Real Estate Accountability

This high-profile case has emerged as a litmus test for regulatory action in India’s troubled real estate sector. The ED’s aggressive pursuit and successful asset attachments in both domestic and international jurisdictions have reignited hope among defrauded investors. Legal experts believe the Sai Group case could become a precedent-setting prosecution under the PMLA for real estate crimes.

Sprouts News Investigation Team (SIT) will continue to monitor and report every development as the probe unfolds. Stakeholders across the housing sector are watching closely, hoping for swift justice and systemic reforms that prevent such fraudulent schemes in the future.