ED arrests Indore businessman Dilip Sisodiya in money laundering case

A businessman from Indore named Dilip Sisodiya has been detained by the Enforcement Directorate under the Prevention of Money Laundering Act in connection with an alleged illicit sale of cooperative land valued more than Rs 1,000 crore in the city.
According to the ED, Deepak Sisodiya, also known as Deepak Jain Madda, was detained on June 3. Dilip Sisodiya will be in the ED’s custody for seven days, according to a special PMLA court order.
Based on a number of FIRs filed in Indore, the ED has started its investigation. The issue relates to Sisodiya’s illicit sale and alienation of the properties owned by Housing Cooperative Societies in collusion with other developers and builders.
The PMLA investigation revealed that various accused persons in connivance with each other illegally sold and alienated huge areas of land belonging to Co-operative Societies at Indore.
Sisodiya in connivance with others sold huge parcels of land belonging to societies at undervalued rates by flouting the rules applicable for Housing Co-operative Societies. The market value of these lands is estimated to be more than Rs 1000 crore.
The Housing Co-operative Societies were granted exemption under Section 20 of the Urban Land Ceiling Act. Hence they could acquire land exceeding the landholding limit prescribed for various persons.
The ED investigation pointed out that Dilip Sisodiya got entry into some of these Societies by being getting elected as office bearer through manipulated elections. At times he indirectly influenced decision-making by placing his known persons in decision-making positions in the Housing Co-operative Society.
Earlier, the ED searched the premises of Dilip Sisodiya and his associates. This resulted in the seizure of Rs 91.21 lakh in cash and other incriminating documents.