Tag: Prevention of Money Laundering Act

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ED Freezes ₹82 Crore in Properties Linked to Ansal Hub-83 Fraud

NEW DELHI: The Enforcement Directorate (ED) has seized immovable properties valued at Rs 82 crore in relation to an alleged extensive real estate scam linked to the commercial project “Ansal Hub-83” in Sector-83, Gurugram. This project encompasses a land area of 19 Kanal 15 Marla (approximately 2.47 acres) and features 147 commercial shops, 137 office spaces, and two restaurant units, as stated by the ED on Thursday. These properties were attached by the ED’s Gurugram zonal office under the Prevention of Money Laundering Act (PMLA), 2002. The investigation began following an FIR filed by Haryana Police in June 2023 against…

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ED Files Supplementary Complaint Against Unnati Fortune in PMLA Case

LUCKNOW: The Lucknow zonal office of the Directorate of Enforcement (ED) has filed a supplementary prosecution complaint under Sections 44 and 45, alongside Sections 3, 4, and 70 of the Prevention of Money Laundering Act (PMLA), 2002, against Unnati Fortune Holdings Ltd (UFHL) and its promoters and directors in the court of the Special Judge for Anti-Corruption, CBI, Ghaziabad. The ED initiated its investigation based on multiple FIRs filed by the UP Police concerning UFHL and its key promoter, Anil Mithas, along with Madhu Mithas and other officials. The investigation revealed that Anil Mithas allegedly diverted around Rs 126 crore…

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Lucknow: Properties Worth ₹158 Crore in Rohtas Project Seized

LUCKNOW: On Friday, the Lucknow zonal office of the Directorate of Enforcement provisionally attached 75 immovable properties and two movable properties valued at Rs 158.85 crore, with a current market valuation exceeding Rs 350 crore, under the Prevention of Money Laundering Act, 2002, as part of a money laundering investigation related to Rohtas Project Limited and associated entities. The immovable properties, valued at Rs 141.21 crore, are registered under the names of Deepak Rastogi, promoter of the Rohtas group, and various entities including Vardan Township Pvt Ltd and several benamidars. The movable properties, valued at Rs 17.64 crore, belong to…

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Allahabad HC upholds ED proceedings in Grand Venice case

PRAYAGRAJ: The Allahabad High Court on Thursday refused to quash proceedings by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, 2002 (PMLA) concerning the FIR related to the Grand Venice project in Greater Noida, Gautam Budh Nagar. The court made important observations regarding the jurisdictional prerequisites and statutory protections governing the powers exercised under the Act. The Grand Venice project was developed on a commercial plot allocated by the Greater Noida Industrial Development Authority, intended for a theme-based commercial mall and an adjacent commercial tower. On June 9, 2015, an FIR was filed at the Kasna police…

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ED Raids Angle Infrastructure, RP & Nauseva Buildwell in Delhi-NCR

CHANDIGARH: The Directorate of Enforcement (ED) from Gurugram Zonal Office conducted search operations in the Delhi-NCR region on Friday, targeting M/s Angle Infrastructure Pvt. Ltd., the resolution professional, and Nauseva Buildwell LLP along with its partners, under the Prevention of Money Laundering Act (PMLA), 2002. The searches were initiated based on evidence suggesting potential collusion during the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor, resulting in the seizure of Rs 33 lakh in unexplained cash and various digital devices. The ED’s investigation was prompted by FIRs filed by Gurugram Police and the Delhi Economic Offences Wing, citing allegations…

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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 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…

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ED Seizes Ansal Properties Valued at Over ₹10 Crore

CHANDIGARH: The Enforcement Directorate’s (ED) Gurugram Zonal Office announced on Wednesday the provisional attachment of six immovable properties associated with the Ansal family, valued at ₹10.55 crore, under the Prevention of Money Laundering Act (PMLA), 2002. These properties are reportedly owned by directors and beneficiary owners of M/s Ansal Properties and Infrastructure Ltd (APIL): Sushil Ansal, Pranav Ansal, and Kusum Ansal. The action follows the company’s failure to repay environmental compensation mandated by various environmental agencies due to violations of The Water (Prevention and Control of Pollution) Act, 1974, and The Air (Prevention and Control of Pollution) Act, 1981. The…