1 month ago
ED Attaches Hotel Rangsharda in Money Laundering Probe
The Enforcement Directorate (ED) has attached two properties, including the famous Hotel Rangsharda in Mumbai, worth ₹332.24 crore.
This action is part of a money laundering investigation into Prabhudas Virchand Lotia and Rang Sharda Hotels Pvt.
Ltd.
The ED alleges that land given to a trust for cultural purposes was instead used for commercial activities, violating the terms of the allotment.
The trust had received the land at a lower cost to promote Marathi theatre and culture.
The ED claims that the land was used to run a hotel, restaurants, and other commercial businesses without proper approvals.
The total proceeds from these illegal activities are estimated at ₹512 crore.
The ED attached Hotel Rangsharda and a Prabhadevi land parcel worth ₹332.24 crore.
The attachment is part of a money laundering probe against Prabhudas Virchand Lotia and Rang Sharda Hotels Pvt. Ltd.
The land was allotted for cultural purposes but was allegedly used for commercial activities.
The ED claims the total proceeds of crime are around ₹512 crore.
The case stems from a complaint by the trustees of Rang Sharda Pratishthan.
- Who
- Enforcement Directorate (ED), Prabhudas Virchand Lotia, Rang Sharda Hotels Pvt. Ltd., Trustees of Rang Sharda Pratishthan
- What
- Attachment of properties in a money laundering probe
- Where
- Mumbai, India
- When
- July 25, 2026
- Why
- Allegations of commercial exploitation of trust land
Trustees of Rang Sharda Pratishthan
Prabhudas Virchand Lotia and Rang Sharda Hotels Pvt. Ltd.
Land Use
Trustees of Rang Sharda Pratishthan
The land was allotted for cultural purposes and should not be used commercially.
Prabhudas Virchand Lotia and Rang Sharda Hotels Pvt. Ltd.
The land was used commercially to generate revenue.
Commercial Exploitation
Trustees of Rang Sharda Pratishthan
The trust land was commercially exploited in violation of the terms of allotment.
Prabhudas Virchand Lotia and Rang Sharda Hotels Pvt. Ltd.
The commercial use of the land was necessary for financial sustainability.
Key facts
- Properties Attached
- Hotel Rangsharda and a land parcel at Prabhadevi
- Value of Properties
- ₹332.24 crore
- Act Under Which Attachment Was Made
- Prevention of Money Laundering Act (PMLA), 2002
- Allegations
- Cheating and criminal breach of trust
- Total Proceeds of Crime
- ₹512 crore
Quotes
Enforcement Directorate
Indian federal law enforcement agency investigating money laundering
“"The investigation has identified proceeds of crime amounting to nearly ₹512 crore."”
news18.com
Sources
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