MUMBAI: The Enforcement Directorate (ED) has attached Hotel Rangsharda in Bandra and a land parcel in Prabhadevi worth ₹332.24 crore in a money laundering case against Prabhudas Virchand Lotia and others. The agency alleges that the properties were commercially exploited in violation of the conditions under which the land had been allotted for cultural purposes.

Mumbai, India - July 25, 2026: A view of the Hotel Rangsharada at Bandra in mumbai, India, on Saturday, July 25, 2026. (Photo by Satish Bate/ Hindustan Times) (Hindustan Times)

The ED launched its probe under the Prevention of Money Laundering Act (PMLA) after Bandra Police registered an FIR on a complaint by trustees of Rang Sharda Pratishthan against Lotia and M/s Rang Sharda Hotels Pvt Ltd.

According to the agency, the land had been allotted by MHADA to the trust at a concessional rate for promoting Marathi theatre, literature and cultural activities.

The ED alleged that Lotia, through M/s Rang Sharda Hotels Pvt Ltd, took control of the land and commercially exploited it instead of complying with the allotment conditions. The company also allegedly failed to hand over the drama theatre and artists’ accommodation to the trust and operated a hotel, restaurant, liquor bar, banquet facilities and other commercial establishments without the required approvals.

The agency further alleged that commercial premises on the land were sold without authorisation and the proceeds used to acquire another property in Prabhadevi. It has estimated the total proceeds of crime at around ₹512 crore.

Searches in betting syndicate case

In another development, the ED conducted searches in Mumbai, Pune and Bengaluru on Saturday in connection with an alleged online betting, gaming and investment fraud syndicate operating through the “All Panel Exchange” platform.

According to the agency, funds collected from victims were routed through accounts of Pune-based Edsom Fintech Pvt Ltd using mule accounts and layered transactions. Investigators also alleged that forged KYC documents were used to open a crypto wallet through which about ₹800 crore was siphoned off.