Tag: Economic Offences Wing

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ED Seizes Raheja Developers’ Assets Valued Over ₹1,110 Crore

NEW DELHI: The Enforcement Directorate (ED) announced on Tuesday that it has attached assets valued over Rs 1,100 crore, linked to the promoters and entities associated with real estate firm Raheja Developers, amid an investigation into money laundering related to alleged fraud against homebuyers. The agency conducted searches as part of this case on April 25, where they seized bullion worth Rs 15.82 crore and foreign currency equivalent to Rs 15 lakh. The ED stated it has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), targeting immovable properties owned by N A Buildwell and Riyasat…

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Delhi Court to Charge Three C Shelters Directors in Greenopolis Case

Here’s a rewritten version of the content: — NEW DELHI: A Delhi court has mandated the framing of charges against the directors of Three C Shelters Pvt Ltd concerning the halted Greenopolis housing project in Gurugram. The court determined that there is a prima facie case of cheating, forgery, and criminal conspiracy against them, alleging they misled homebuyers. Additional Sessions Judge Sheetal Chaudhary Pradhan presided over the case against directors Surpreet Singh Suri, Nirmal Singh, and Vidur Bhardwaj, ordering that charges be framed for cheating and criminal conspiracy. In an order dated April 23, the judge stated, “I am of…

Latest StoriesRegulatory

ED Seizes ₹944 Crore in Properties Linked to Housing Fraud

NEW DELHI: The Enforcement Directorate (ED) has seized immovable assets valued at approximately Rs 944 crore under the Prevention of Money Laundering Act. This action is tied to allegations of failure to deliver housing units to more than 1,500 homebuyers in Haryana and Rajasthan, officials reported on Monday. The affected projects are situated in Palwal, Faridabad, Rewari, and Bhiwadi, where buyers allegedly did not receive possession even after making payments, the agency stated. In a recent announcement, the ED indicated it “has provisionally attached immovable properties worth about Rs 944 crore, owned by Piyush Colonisers Limited, former promoters of the…

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Mumbai: MHADA Misplaced ₹121 Crore in Rent Over 25 Years

MUMBAI: The Maharashtra Housing and Area Development Authority (MHADA) has reportedly been defrauded of over Rs 121 crore in a scheme spanning 25 years. The Kherwadi police have initiated a case against ten developers and firms for neglecting to pay rent for transit tenements designated for redevelopment projects. Given the considerable financial implications and the extended duration of the fraud, the case has now been forwarded to the Economic Offences Wing (EOW) for further investigation. The complaint was lodged by Mohan Raosaheb Bobade, a MHADA officer, following an internal audit of rental payments associated with the transit tenements leased to…

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Mumbai Police nab Kolhapur developer in ₹55 crore scam

MUMBAI: The Economic Offences Wing of the city police has arrested a developer from Kolhapur for allegedly colluding with others to mortgage and sell flats in a redevelopment project in Versova, Andheri. This was done without the consent of the society members, using forged documents, resulting in a loss of Rs 55 crores. The arrested individual, Amrut Uttam Mahendrakar (34) from Ichalkaranji, is accused of aiding in the creation of forged documents and facilitating the illegal sale and mortgage of flats. He is the second suspect arrested in this case, following the capture of Amarjit Shukla, owner of Mid City…

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CEO of Vipul Arrested for ₹6 Crore Fraud in Gurugram

GURUGRAM: A CEO of a real estate firm has been arrested for allegedly swindling several lawyers out of Rs 6 crore under the guise of investing their money in a high-return project, according to police reports on Sunday. The accused, Puneet Beriwala (62), CEO of Vipul Limited and a resident of Gurugram’s Sector 42, was detained on Friday. A local court has since placed him in police custody for two days. In a complaint lodged on October 1 last year, a group of lawyers claimed they invested Rs 6 crore in Vipul Limited in 2024, lured by Beriwala’s promise of…

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Directors of Shah Housecon Charged with ₹5 Crore Cheating

MUMBAI: Two directors of a real estate company have been charged with cheating a developer of approximately ₹5 crore under the guise of investment in a Slum Rehabilitation Authority (SRA) project in Malad, as reported by a police official on Friday. A representative from the Kasturba Marg police station stated that a case has been filed against Mansukh Shah and Akash Mansukh Shah, directors of Shah Housecon Private Limited. The case has since been handed over to the Economic Offences Wing (EOW) for further investigation. Real estate developer Nilesh Narendra Raghani lodged a complaint claiming he was introduced to the…

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Accused in Shine City Fraud Case Arrested in Lucknow

LUCKNOW: On Monday, the Economic Offences Wing (EOW) arrested a key suspect in the multi-crore Shine City Infra Project Private Limited fraud case. The suspect, Nekpal Singh, also known as Nikki, was detained by the EOW team in the Krishna Nagar area of Lucknow. According to the EOW, Shine City Infra Project Private Limited allegedly defrauded investors across multiple districts in Uttar Pradesh by promoting low-cost residential plots and other attractive offers. The firm collected significant sums from the public without delivering the promised plots or refunding the investments. After the alleged scheme came to light, the company’s directors and…

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Delhi Police EOW Investigates Suraksha Realty for Fund Diversion

NEW DELHI: The Economic Offences Wing (EOW) of the Delhi Police has initiated a case against the Mumbai-based Suraksha Group for allegedly misappropriating over ₹230 crore from Jaypee Infratech Ltd (JIL). This amount was intended for the construction of stalled residential flats for homebuyers. Sources informed PTI that the Enforcement Directorate (ED) may file a new FIR against Suraksha Group and related parties in response to the EOW’s FIR. On June 4, 2024, Suraksha Group took over JIL following the NCLAT’s decision to approve its acquisition bid. The Corporate Insolvency Resolution Process (CIRP) for JIL began in August 2017, initiated…

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ED Files Final Report on Ex-MD of Jaypee Infratech’s Fraud

NEW DELHI: On Monday, the Enforcement Directorate (ED) submitted its prosecution complaint, akin to a chargesheet, against former Jaypee Infratech MD, Manoj Gaur. Gaur was arrested on November 13 of the previous year due to a case involving a ₹14,599 crore fraud with homebuyers. He is currently in judicial custody. The complaint was filed with Principal District and Sessions Judge Anju Bajaj Chandna. Meanwhile, a sessions court has scheduled Gaur’s bail plea for a hearing on January 17. The ED has alleged that funds raised from thousands of homebuyers for the completion of residential projects were misused for non-construction purposes,…