New Delhi: The Enforcement Directorate has arrested four promoters of a real estate group in connection with a money laundering probe in an alleged case $Home buyer scam worth Rs 2,004 crore affected more than 19,000 buyers and investors.
An official statement on Tuesday said that the accused Avdesh Kumar Goel, Rajneesh Mittal, Atul Gupta and Vikas Gupta are promoters and directors of Earth Infrastructures Ltd. They were arrested on June 1 under the Prevention of Money Laundering Act.
She added that the accused appeared before a special court affiliated with Hizb ut-Tahrir Pakistan in Delhi, and the agency granted them five days’ detention for questioning.
According to the federal agency, the group gathered around her $2,004 crore from over 19,425 homebuyers and investors by promising timely delivery of residential and commercial units and assured returns.
The agency claimed that its investigation found approx $Rs 467 crore was diverted or drained through various group entities, concerns and related individuals.
“Despite receiving huge funds from the buyers/investors, the projects were either left incomplete or possession of the units were not delivered, causing unfair loss to the homebuyers and investors,” the CEO said.
The investigation also revealed that part of the proceeds of the alleged crime were used to acquire movable and immovable assets in the names of various entities and individuals linked to the promoters and managers of the group.
The investigation was initiated based on five FIRs registered by the Economic Offenses Wing of Delhi Police against Earth Infrastructures Ltd, its directors and related entities under various provisions of the Indian Penal Code.
The Serious Fraud Investigation Bureau also filed a criminal complaint under Section 447 of the Companies Act against the promoters and directors of the group.
Earlier in April, the ED conducted searches at buildings associated with the land cluster across Delhi and the National Capital Region.
During the raids, the agencies seized cash amounting to approximately $6.30 crore, jewelery worth approx $8.78 crore and title documents relating to over 100 immovable properties valued at more than that $100 Crores.
This article was generated from an automated news feed without any modifications to the text.
