Tag: Enforcement Directorate

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ED Files Chargesheet Against Gurugram Realty Firm for PMAY Fraud

NEW DELHI: The Enforcement Directorate is anticipated to file a chargesheet soon against a Gurugram-based real estate firm and its promoters in a multi-crore money laundering inquiry linked to alleged discrepancies in the Pradhan Mantri Awas Yojna (PMAY) and fraud against homebuyers, official sources revealed on Sunday. Swaraj Singh Yadav, the Managing Director and “key person” of Ocean Seven Buildtech Pvt. Ltd. (OSBPL), was arrested by the federal agency on November 13 and is currently in judicial custody. The ED has accused Yadav of “fraudulently diverting” and laundering Rs 222 crore of homebuyers’ funds received under PMAY by canceling and…

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Court Orders Seizure of ₹128 Crore in Uttar Pradesh’s 1st FEOA Case

Representative Image LUCKNOW: On Thursday, a special court ordered the confiscation of assets valued at approximately Rs 128 crore in connection with the fugitive economic offender proceedings initiated by the Enforcement Directorate (ED) against the Shine City Group based in Uttar Pradesh, along with its fugitive promoter, Rashid Naseem, accused of deceiving investors. Officials noted that this decision was made under the Fugitive Economic Offenders Act (FEOA) of 2018, marking the first case of asset confiscation via this mechanism in Uttar Pradesh. The ED will confiscate movable and immovable assets worth Rs 127.98 crore, which had been previously attached under…

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ED Seizes 500K+ Sq M of Property in North Goa’s Key Areas

PANAJI: On Monday, the Enforcement Directorate (ED) in Panaji provisionally attached 19 properties covering over five lakh square meters in prime locations across Goa, including Anjuna, Assagao, and Ucassaim. The properties, valued at Rs 1,268.6 crore, were seized under the Prevention of Money Laundering Act (PMLA), 2002, amid an ongoing investigation into alleged land grab activities in the state. “The properties were unlawfully obtained by a group led by Shivshankar Mayekar through the use of forged land title documents, such as ‘aforamento’/allotment certificates, final possession certificates, demarcation certificates, historical sale deeds, gift deeds, and other falsified records,” the ED stated.…

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ED Alleges Experion Developers Misused IBC in Land Deal

NEW DELHI: The Enforcement Directorate (ED) has accused the real estate developer Experion Developers of improperly utilizing the Insolvency and Bankruptcy Code provisions to acquire 9.3 acres of land in Gurugram’s Sector 62. As part of a Prevention of Money Laundering Act (PMLA) investigation involving Religare Finvest, the ED attached assets owned by the corporate debtor, Dignity Buildcon, which was subsequently purchased by Experion. The ED has filed a petition with the National Company Law Tribunal (NCLT) requesting a review of its May 2023 decision that permitted Experion to take over Dignity Buildcon through the insolvency procedure. The ED highlighted…

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SC Directs ED to Release V Hotels Assets to Lodha Developers

NEW DELHI: The Supreme Court has ordered the Enforcement Directorate (ED) to unfreeze 12 properties of corporate debtor V Hotels Ltd, which includes land in Maharashtra valued at approximately ₹4,000 crore. This decision marks a significant victory for Lodha Developers, which acquired V Hotels through the insolvency resolution process last year. Among the assets to be released is Mumbai’s prestigious Centaur Hotel located in Juhu. Lodha Developers, previously known as Macrotech Developers, acquired V Hotels via a ₹890-crore resolution plan sanctioned by the National Company Law Tribunal (NCLT) in April of last year. The company had deposited ₹520.80 crore as…

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ED Arrests Arihant Shelters’ Director in ₹18 Crore Scam

CHENNAI: The Enforcement Directorate (ED) has arrested Aashish Jain, the director of Chennai-based real estate company Arihant Shelters, as part of an ongoing investigation into a money laundering case involving government (OSR) land sold to private parties through falsified documentation. These lands were later purchased at inflated prices for the Sipcot and NHAI projects. The arrest occurred following searches conducted on November 19 across 15 locations in Chennai, Kanchipuram, and Chengalpet connected to a Prevention of Money Laundering Act (PMLA) case initiated by the ED. Aashish is scheduled to appear before a magistrate on Tuesday, according to ED sources. Arihant…

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ED Seizes Vatika Property Worth ₹108 Crore in Gurugram Case

GURUGRAM: The Gurugram zonal office of the Enforcement Directorate has attached a property valued at approximately ₹108 crore linked to a builder-investor case. Officials report that Vatika Limited is under scrutiny for allegedly defrauding investors by failing to complete projects and not fulfilling promised returns. The 1.35-acre commercial plot was seized under the Prevention of Money Laundering Act (PMLA). The ongoing investigation is based on multiple FIRs filed with the Economic Offences Wing of the Delhi Police in 2021, where the company and its promoters, Anil Bhalla and Gautam Bhalla, face accusations of fraud, criminal conspiracy, and misleading investors. Investigation…

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ED Seizes ₹50 Lakh Cash Over IBC Misuse in Land Sale Case

NEW DELHI: On Friday, the Enforcement Directorate revealed an incident involving the misuse of the Insolvency and Bankruptcy Code (IBC) in the land sale of an insolvent real estate firm. During recent raids, Rs 50 lakh in cash was confiscated from a lawyer at the NCLT and another individual. The federal agency stated it conducted searches on Thursday in Delhi and Gurugram as part of an investigation into Universal Build Well Pvt. Ltd. and its promoters, concerning unfinished real estate projects and alleged fraud against homebuyers and investors. The company was in a corporate insolvency resolution process. The National Company…

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Delhi Court Grants 14-Day Judicial Custody to Ex-Jaypee MD

NEW DELHI: On Tuesday, a Delhi court ordered former Jaypee Infratech MD Manoj Gaur, who is facing charges in a money laundering case, to be held in judicial custody for 14 days. Previously, on November 13, he had been taken into custody by the Enforcement Directorate (ED) for five days. After completing his interrogation, Gaur appeared before a sessions court, which granted the ED’s request to extend his custody. The ED arrested Gaur amid an investigation into a ₹14,599 crore fraud involving homebuyers. According to the agency, funds raised from thousands of homebuyers for residential project construction were misappropriated, thereby…

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ED Detains Former Jaypee Infratech MD in ₹14,599 Crore Case

NEW DELHI: The Enforcement Directorate has arrested Manoj Gaur, former Managing Director of Jaypee Infratech Ltd., in connection with a money laundering investigation involving an alleged Rs 14,599 crore fraud against home buyers, according to official sources. The businessman was apprehended under the Prevention of Money Laundering Act (PMLA). The agency claims that funds gathered from home buyers were misappropriated to various trusts, resulting in unfinished projects and defrauded investors. The ED’s investigation revealed that Gaur serves as the Managing Trustee of Jaypee Sewa Sansthan (JSS), which benefitted from these diverted funds. The case against him relates to the alleged…