ED attaches Hotel Rangsharda, Prabhadevi plot in money laundering case

ED attached Hotel Rangsharda in Bandra and a land parcel in Prabhadevi worth ₹332.24 crore in a money laundering case

The land was allotted by MHADA to Rang Sharda Pratishthan at a concessional rate for promoting Marathi theatre, literature, and cultural activities

Prabhudas Virchand Lotia and M/s Rang Sharda Hotels Pvt Ltd allegedly commercially exploited the land instead of complying with allotment conditions

The company operated a hotel, restaurant, liquor bar, banquet facilities, and other commercial establishments without required approvals

ED estimated total proceeds of crime at around ₹512 crore