ED arrests CEO of Goa firm for duping foreigners

The ED has arrested the CEO of a Goa-based company for allegedly laundering money by cheating foreigners on the pretext of selling them real estate in the beach state.

Ankit Kumar Jain, CEO and former director of Sanatan Financers and Real Estates Pvt Ltd, was arrested under the provision of the Prevention of Money Laundering Act (PMLA).

"The accused has cheated foreign nationals under the guise of selling properties under the project named Peace Valley situated at Sirvoi, Deumol and Quepem in Goa," the Enforcement Directorate said in a statement.

The agency's PMLA case is based on a Goa Police FIR filed against the company and CEO Jain for allegedly defrauding foreign nationals.

Probe found that, the ED said, Jain and his father Sunil Kumar fraudulently created around 50 shell companies and induced foreigners to invest their money directly or through FDI route in these companies with the promise to sell properties to the foreign nationals in the Peace Valley project.

"As per law, foreigners are not allowed to buy properties in India and this violation attracts provisions of Foreign Exchange Management Act."