Slum Redevelopment scam: ED attaches properties worth Rs. 462 crore of Baba Siddiqui

The Enforcement Directorate(ED) on Friday attached properties worth Rs. 462 crore located in Bandra West, Mumbai, under the Prevention of Money Laundering Act (PMLA).

These properties belonged to Congress leader and three times MLA Baba Ziauddin Siddique and real estate company Pyramid Developers.

Baba Siddique and the firm Pyramid Developers have been booked by the ED in a case of fraud related to the slum Redevelopment Scheme at the Bandra Reclamation location.

The case pertains to alleged irregularities in the redevelopment of a slum, Jamaat-e-Jamhooria, in Bandra, by Pyramid Developers.

According to the authorities, the irregularities involved the project being developed by Pyramid Developers at a cost of Rs 90 crore. But, the developer sold the plot to Satra group and the two entered a joint development agreement, involving equal sharing of the flats.

The agency suspects that the revenue generated by the sale of these super-luxury apartments would have been in the range of Rs 1,800 to Rs 2,000 crore. Siddique, it is alleged who was the chairman of Maharashtra Housing and Area Development Authority (MHADA) between 2000 and 2004, allegedly misused his position to increase the Floor Service Index (FSI).