Lakdawala was arrested on a lookout notice issued by Mumbai Economic Offences Wing (EOW) at Ahmedabad airport while he was flying to London for treatment in April 2019. Later, based on the EOW case, the ED also registered a money laundering case against Lakdawala in connection to the Khandala land grab.
As per an official statement, during the investigation, search was conducted on the various premises related to Yusuf M Lakdawalaand various incriminating documents and electronic data were seized from the premises of Yusuf M Lakdawala.
Bank accounts of these companies, it was revealed that these companies do not have profitable business, however, transactions of crores of rupees have been made through these shell companies.
It is also found that funds werelayered through these shell companies to hide the original source and the same was utilised to purchase the immovable properties of crores of rupees over the period. In order to purchase these properties,commission was given to other accused persons, which was routed through the shell companies of Yusuf M Lakadawala.
Lakdawala and his associate, Mohan R Nair, were booked on the complaint of Jitendra Badgujar, sub-registrar of Maval taluka, for allegedly usurping 4.38 acres of a plot of land, belonging to an erstwhile Hyderabad Nawab, in Khandala. Lakdawala was later granted bail in the said case.
The probe agency produced Lakdawala before PMLA Court on Thursday where they were granted five day custody of the accused. Further investigation is in progress.