A designated Prevention of Money Laundering Act special court remanded senior promoters of the prominent real estate enterprise Vatika Group to four days of custody under the Enforcement Directorate. The financial investigation agency arrested company directors following prolonged raids across corporate offices and residential premises, alleging substantial diversion of customer home-loan advances into shell companies and unauthorized personal investment trusts.
Federal investigators presented detailed forensic banking documentation indicating that hundreds of crores in funds solicited for residential housing developments were layered through complex networks of interconnected corporate entities. Agency prosecutors submitted that custodial interrogation was essential to reconstruct intricate financial transaction trails, locate offshore assets, and confront the promoters with statements extracted from collaborating accountants and financial brokers.
Defense attorneys opposed the remand request, maintaining that all corporate financial operations complied with statutory commercial laws and that construction slowdowns resulted from macroeconomic challenges rather than fraudulent concealment. The court granted restricted investigative access, requiring daily medical evaluations for the accused while permitting authorized legal counsel to attend designated consultation windows.
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Sources:
https://indianexpress.com/article/education/today-news-headlines-for-school-assembly-october-1-2026-eci-removes-form-6-changes-from-finalised-states-india-bags-60-medals-at-the-asian-games-2026-10900328/