ED Attaches Hotel Rangsharda, Prabhadevi Land Worth ₹332 Crore In Mumbai PMLA Case
ED Attaches Hotel Rangsharda, Prabhadevi Land Worth ₹332 Crore In Mumbai PMLA Case Published By, Last Updated: July 26, 2026, 09:00 IST The ED has
ED Attaches Hotel Rangsharda, Prabhadevi Land Worth ₹332 Crore In Mumbai PMLA Case Published By, Last Updated: July 26, 2026, 09:00 IST The ED has attached Hotel Rangsharda in Bandra and a Prabhadevi property worth ₹332.24 crore over alleged commercial misuse of MHADA-allotted land. Rapid Read ED attached Hotel Rangsharda in Bandra and a land parcel in Prabhadevi. The Enforcement Directorate (ED) has attached Hotel Rangsharda in Mumbai’s Bandra and a land parcel in Prabhadevi worth ₹332.24 crore as part of its money laundering investigation against Prabhudas Virchand Lotia and others. The agency alleges that the properties were commercially exploited in violation of the conditions under which the land was originally allotted.
The investigation is being carried out under the Prevention of Money Laundering Act (PMLA) following an FIR registered by the Bandra Police on a complaint filed by the trustees of Rang Sharda Pratishthan against Lotia and M/s Rang Sharda Hotels Pvt Ltd. The case involves allegations of money laundering and criminal breach of trust. According to the ED, the land was allotted by the Maharashtra Housing and Area Development Authority (MHADA) to the trust at a concessional rate with the objective of promoting Marathi theatre, literature and other cultural activities. However, the agency alleged that Lotia, through M/s Rang Sharda Hotels Pvt Ltd, took control of the land and used it for commercial purposes instead of complying with the allotment conditions.
The ED claimed that the company failed to transfer the drama theatre and residential accommodation meant for artists to the trust, as required. Instead, the premises were allegedly used to run a hotel, restaurant, liquor bar, banquet facilities and other commercial establishments without the necessary approvals. The ED further alleged that commercial spaces developed on the property were sold without authorisation and that the proceeds were used to acquire another property in Prabhadevi. According to the agency, its investigation has identified proceeds of crime amounting to nearly ₹512 crore. The attachment of Hotel Rangsharda and the Prabhadevi land forms part of the agency’s ongoing probe into the alleged financial irregularities and misuse of land allotted for cultural purposes.
The investigation into the case is continuing. News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit First Published: July 26, 2026, 09:00 IST News cities mumbai-news ED Attaches Hotel Rangsharda, Prabhadevi Land Worth ₹332 Crore In Mumbai PMLA Case Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy Loading comments...
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