New Delhi, Jul 29 (IANS): Enforcement Directorate (ED) on Saturday said that they have attached immovable properties valued at Rs 40.22 crore in a cheating case.

The properties belonged to Sheetal Kumar Manere, his family members and Shital Jinendra Magdum.

The accused has allegedly duped a businessman to the tune of Rs 525 crore on the pretext of investing it into real estate business.

The attached properties consists of 12 immovable properties in the form of land, commercial premise, wind mill, residential apartment and house located in the states of Maharashtra and Madhya Pradesh.

ED initiated PMLA investigation based on an FIR filed at Ashoknagar Police Station, Hubballi. During investigation it was ascertained that Manere in conspiracy with other accused befriended the complainant Sanjay Danchand Ghodawat and induced him to invest Rs. 525 Crore in real estate projects.

ED investigation revealed that the funds were diverted by the accused persons and transferred to personal accounts of Manere, his family members and Shital Jinendra Magdum along with some other persons.

Further investigation into the matter is on.