Tag: Prevention of Money Laundering Act

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ED Raids Rohtas Projects in ₹248-Crore Fraud Case

NEW DELHI | LUCKNOW: On Wednesday, the Enforcement Directorate initiated searches at various locations linked to a real estate group based in Uttar Pradesh as part of a money laundering investigation. The agency is looking into allegations that the group scammed investors out of Rs 248 crore, according to official sources. As part of this investigation, searches are being conducted at eight sites in Lucknow and two in Delhi, targeting Rohtas Projects Ltd. The operation falls under the Prevention of Money Laundering Act (PMLA), the sources confirmed. The investigation follows 87 FIRs filed since 2021 by buyers of homes and…

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ED Raids Ozone Urbana Developers Over Homebuyers’ Fraud

BENGALURU: The Enforcement Directorate (ED) has executed searches on a Bengaluru-based real estate firm and its promoters, who are accused of defrauding home buyers of several crores in connection with the sale of flats in their residential project, according to official sources. At least ten locations associated with Ozone Urbana Developers Pvt. Ltd. and its key management were searched in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA). The main promoter of the company is Satyamoorthi Vasudevan. The ED initiated action against the company and its promoters following multiple police FIRs concerning their residential project named Ozone…

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ED Apprehends Fugitives Linked to Universal Buildwell

CHANDIGARH: The Directorate of Enforcement (ED) from the Gurugram Zonal Office announced the arrest of Raman Puri, Varun Puri, and Vikram Puri—former directors and promoters of Universal Buildwell Pvt Ltd—under the Prevention of Money Laundering Act for involvement in alleged real estate fraud. The trio, who were on the run for over seven years and declared proclaimed offenders by multiple courts, were arrested by the Delhi Police. The special PMLA court in Gurugram ordered the trio to be held in ED custody until July 29. The investigation was initiated after more than 30 FIRs were filed against Universal Buildwell Pvt…

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ED Arrests Two Directors of Ramprastha Group

NEW DELHI: The Enforcement Directorate arrested Sandeep Yadav and Arvind Walia, promoters of Haryana’s Ramprastha Group, on Monday as part of a money laundering probe linked to an alleged ₹1,100 crore fraud involving homebuyers, according to official sources. The arrests followed early morning raids at three locations in Delhi and Gurugram, including those of the directors, conducted by the federal agency’s Gurugram zonal office. The duo serves as directors and majority shareholders of Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL). They have been taken into custody under the Prevention of Money Laundering Act (PMLA). Attempts to reach the company or…

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ED Files Second Complaint Against Unitech Group Promoters

NEW DELHI: The Enforcement Directorate (ED) submitted its Second Supplementary Prosecution Complaint (SPC) to the Special Court under the Prevention of Money Laundering Act (PMLA) on July 10. The complaint targets Ramesh Chandra and others, including multiple companies such as M/s Shivalik Ventures Private Limited, M/s Auram Asset Management Private Limited, M/s Unitech Build Tech Limited, M/s Unitech Golf Resorts Limited, and M/s Ranchero Services Limited. This action is part of a larger investigation into significant financial irregularities and money laundering associated with Unitech Limited and its directors. The ED’s investigation was initiated based on FIRs lodged by the Central…

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ED Seizes ₹762 Crore in PACL Assets

NEW DELHI: The Enforcement Directorate (ED) announced on Saturday that it has attached assets valued at over Rs 762 crore belonging to PACL (Pearls Group) and its promoters under the anti-money laundering law. This action relates to an alleged Ponzi scheme that swindled investors out of approximately Rs 48,000 crore. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to seize 68 immovable properties located across Punjab, Haryana, Delhi, Maharashtra, and Australia. This money-laundering investigation dates back to 2015 and originated from a Central Bureau of Investigation (CBI) FIR against Pearl Agrotech Corporation Limited (PACL),…

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Unitech Group Promoters Misused ₹8,000 Crore in Buyer Funds: ED

NEW DELHI: The Enforcement Directorate (ED) has accused the Unitech Group and its promoters of misappropriating nearly half of the over Rs 16,000 crore obtained from homebuyers and financial institutions for personal use and through various “benami” entities. This allegation was made in a recent chargesheet filed against them. The third prosecution complaint (chargesheet) was submitted to a special Prevention of Money Laundering Act (PMLA) court in Delhi on July 10. Unitech promoter Ramesh Chandra, along with linked companies like Shivalik Ventures Private Limited, Auram Asset Management Private Limited, Unitech Build Tech Limited, Unitech Golf Resorts Limited, and Ranchero Services…

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SC Approves M3M Group’s Request to Substitute Attached Property

Supreme Court NEW DELHI: The Supreme Court has granted M3M Group’s request to substitute a property initially attached by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002. A bench consisting of Justices P S Narasimha and R Mahadevan ruled that the property substitution is contingent upon nine conditions recommended by the ED. The bench stated, “We have heard Dr. Abhishek Manu Singhvi, senior counsel for the petitioner, and have considered the matter thoroughly. The petitioners, M/s. M3M India Pvt. Ltd. and M/s. M3M India Infrastructure Pvt. Ltd., have submitted an affidavit agreeing to the stipulations. While we…