Tag: real estate fraud

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ED Seizes ₹313.12 Crore in Ansal Group Money Laundering Case

NEW DELHI: On Wednesday, the Enforcement Directorate (ED) announced the attachment of immovable properties valued at ₹313.12 crore as part of its ongoing probe into Ansal Properties and Infrastructure Ltd (APIL) and its promoters. This action stems from allegations of financial misappropriation and fraudulent diversion of funds collected from homebuyers. These properties include residential land parcels totaling 9.08 hectares, situated in Agra, Uttar Pradesh, and are registered under the names of companies affiliated with APIL. The ED’s Lucknow zonal office executed the attachment under the Prevention of Money Laundering Act (PMLA), 2002. The investigation was prompted by 278 FIRs lodged…

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Builder Defrauded of Crores by Forged Land Docs; Staffer Arrested

GURUGRAM: A real estate company based in Sohna has reportedly lost crores of rupees due to a fraudulent scheme involving forged documents that altered a land development agreement. This also included the cancellation of a registered General Power of Attorney (GPA). As of Monday, police have detained one more individual from the company, raising the total number of arrests to five. The scam was discovered after representatives from Yashdeep Builders lodged a complaint regarding their collaboration with a landowner in 2018 for developing a specific piece of land. For this project, the company invested heavily and secured a GPA in…

Latest StoriesRegulatory

ED Seizes Assets Worth ₹200 Crore from Delhi’s TDI Infrastructure

NEW DELHI: The Enforcement Directorate (ED) announced on Friday that it has provisionally attached immovable assets valued at over Rs 200 crore belonging to Delhi-based real estate firm TDI Infrastructure Limited, as part of an ongoing money-laundering investigation related to alleged fraud against homebuyers. The assets in question consist of 8.3 acres of land and commercial units in Kamaspur, Sonipat, Haryana, owned by TDI Infrastructure Limited (previously known as Intime Promoters Private Limited) and its affiliated companies. The ED stated that these properties have been appraised at Rs 206.4 crore. The company was unavailable for immediate comment regarding the ED’s…

Latest StoriesRegulatory

SC Lets CBI Open Six More Cases in Builder-Bank Nexus

NEW DELHI: On Tuesday, the Supreme Court permitted the CBI to initiate six additional regular cases concerning the fraudulent connections between banks and developers, which have deceived homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. A bench consisting of Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh granted the CBI the authority to proceed legally after Additional Solicitor General Aishwarya Bhati, representing the agency, indicated that the preliminary inquiry into various builders, excluding Supertech Ltd, has been completed. The court acknowledged the CBI’s assertion that a cognizable offense has emerged from the preliminary inquiry and…