Latest StoriesRegulatory

SC notifies Haryana, Mahira Buildwell over EWS flat fraud

NEW DELHI: The Supreme Court has requested responses from the Haryana government and Mahira Buildwell (previously Czar Buildwell) after a group of homebuyers from economically weaker sections accused the developer of fraud in an affordable housing project in Gurgaon under the Pradhan Mantri Awas Yojana (Urban). The petitioner association has alleged that Czar Buildwell and its successor Mahira obtained licenses through deception, including submitting forged bank guarantees and falsifying signatures. They further claimed that the builder completed only 5-7% of the construction, misappropriating homebuyers’ funds. Petitioner’s Claims: Authorities’ Inaction Led to Distress The Supreme Court is currently addressing numerous cases…

Latest StoriesRegulatory

ED seizes ₹557 crore assets of Mahira Group in money laundering

NEW DELHI: The Enforcement Directorate (ED) has provisionally attached assets worth around Rs 557.43 crore as part of a money laundering investigation concerning Mahira Infratech Pvt Ltd (previously known as M/s Sai Aina Farms Pvt Ltd), M/s Mahira Buildtech Pvt Ltd, and M/s Czar Buildwell Pvt Ltd. According to an official statement, the ED utilized the Prevention of Money Laundering Act (PMLA) of 2002 to attach several assets, including seven immovable properties that total about 35 acres of residential and commercial land in Gurugram’s Sectors 68, 63A, 103, 104, 92, 88B, and 95. Additionally, Fixed Deposit Receipts (FDRs) amounting to…