India News | PMLA Case: Mumbai Businessman Pravin Raut Remanded in Judicial Custody

Mumbai, Feb 11 (PTI) A special PMLA court here on Friday sent businessman Pravin Raut to 14-day judicial custody in a money laundering case.

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Raut, a former director of a company called Guru Ashish Construction Pvt Ltd, was arrested by Enforcement Directorate in a probe linked to an alleged Rs 1,034 crore land irregularity in a chawl redevelopment project in Mumbai.

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He was produced before a special PMLA court at the end of his ED remand on Friday.

Raut is accused of irregularities in the sale of FSI (floor space index) of a plot by a firm linked to him.

This firm is a subsidiary of Housing Development Infrastructure Limited, which is under investigation by the ED and few other agencies for an alleged fraud of Rs 4,300 crore at the Punjab and Maharashtra Cooperative (PMC) Bank.

As per the ED, Raut is “instrumental in generation, layering and integration of proceeds of the crime”.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)