JAIPUR: The Enforcement Directorate (ED) has executed extensive raids at various locations in the city, targeting the premises of businessmen involved in the real estate sector.
The raids concentrated on 17 sites associated with businessmen Gyan Chand Agarwal, Jugal Kishor Derawala, Dalpat Singh, Govardhan Agarwal, and Anil Jain.
These actions were initiated following a case under the Prevention of Money Laundering Act (PMLA) registered on June 9, 2025, which uncovered significant foreign investments by these individuals in Dubai, Singapore, Cyprus, and Hong Kong.
Officials reported seizing important financial documents during the raids related to the accused’s dealings. Gyan Chand Agarwal emerged as a notable figure in the investigation, facing over 200 allegations of cheating, forgery, and land grabbing across multiple police stations in Jaipur. Additionally, three arrest warrants for separate offenses are still pending against him.
An anonymous ED officer stated that prior notices were served to builders for inquiries regarding financial discrepancies, yet many did not respond, leading to the current search operations.
“Our teams discovered significant financial fraud involving land valued in crores of rupees after receiving multiple FIRs lodged by Jaipur police over the past year. Documentation of transactions from these individuals spanning the last two years has been recovered,” the officer explained. The potential scale of the scam could involve a substantial sum. The ongoing investigation seeks to establish connections to these land-related frauds.
Moreover, it was revealed that several builders had made considerable investments in international real estate markets. ED sources indicated that efforts are underway to locate Agarwal based on insights gathered during the probe.
