India, July 26 -- The Enforcement Directorate (ED) has attached Hotel Rangsharda in Bandra and a land parcel in Prabhadevi worth Rs.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.

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 cultur...