ED Arrests Arihant Shelters Director Aashish Jain in High-Value Land Acquisition Fraud Case

In a major breakthrough in Tamil Nadu’s ongoing crackdown on land acquisition fraud, the Enforcement Directorate has arrested Aashish Jain, director of Arihant Shelters, for his alleged involvement in a multi-crore scam targeting government compensation processes. The arrest follows a series of extensive searches conducted on November 19 across Chennai, Kancheepuram and Chengalpattu, where the agency uncovered evidence revealing a meticulously planned financial conspiracy.

According to officials, the fraud revolved around forging land documents and unlawfully cancelling original deeds that were registered in favour of public authorities. The investigation found that these lands were then resold to controlled or dummy buyers at artificially inflated values. By recording exaggerated purchase prices in registration documents, the conspirators allegedly created a false market value, enabling them to seek significantly higher compensation from the National Highways Authority of India for the Bengaluru–Chennai Expressway project.

The ED noted that once the inflated compensation was received, the proceeds were systematically layered through multiple bank accounts belonging to associates, relatives and shell companies to obscure the origin of the illicit funds. Large cash withdrawals running into several crores further strengthened the suspicion of money laundering and deliberate concealment.

During the searches, the agency seized incriminating documents, forged land records, digital data and internal communications that exposed the extent of coordination among the accused. In addition, assets worth ₹18.10 crore were frozen or seized, including ₹1.56 crore in cash, ₹8.4 crore in frozen bank balances and ₹7.4 crore in shares linked to the individuals involved.

The investigation is based on multiple FIRs registered in 2021 and 2022 in Sriperumbudur and Kancheepuram, where complaints first highlighted the manipulation of public land records and fraudulent compensation claims. The Madras High Court had earlier raised concerns about such fraudulent practices, noting the significant loss caused to the public exchequer.

With the arrest of Aashish Jain, the Enforcement Directorate has intensified its probe and is now examining the roles of other individuals, including possible involvement of public servants. The agency maintains that more arrests and asset freezes are likely as the financial trail becomes clearer.