ED raids Delhi’s real estate company, accused of embezzling ₹2000 crore from 19 thousand home buyers
New Delhi: : Delhi Located real estate company Meaning infrastructure Ltd. (EIL) Of Bases But enforcement directorate (ED) by raid of Is. officials Of According, company But thousands Home buyers And investors From attached alleged financial irregularities of Test of Go doing Is. ED Of according to, company But 19,425 From More Home buyers And investors From close to ₹2024.45 Ten million to recover Of Blame Is. Test agency Of Tell Is That company by investors To Time But flat delivery And Attractive Return Of Promise Did Was, But He Our promises To Complete to do In failed doing. enforcement directorate Of Tell Is That This cases In money laundering And Fraud Of allegations Of under action of Go doing Is. investors Of crores Rs. trapped of complaints Of after it Test Ahead Magnification Went Is.
The agency on Friday raided about 10 locations linked to the company’s promoters and associates in Delhi and Gurugram. During the operation, ED has recovered huge amount of cash and property including ₹6.3 crore cash, jewelery and silver ingots worth about ₹7.5 crore, several luxury watches.
First From recorded were Many FIR
According to the investigating agency, 5 FIRs were already registered by the Delhi Economic Offenses Wing (EOW) against the company and group entities. On the basis of these cases, money laundering investigation was started. These FIRs include serious charges like fraud, criminal breach of trust and conspiracy against the directors of the company. Apart from this, the Serious Fraud Investigation Office (SFIO) has also filed a criminal complaint against the promoters and directors of Earth Group under Section 447 of the Companies Act.
According to Enforcement Directorate officials (on the condition of anonymity), Earth Group, through its company and associate entities, had launched several real estate projects under the ‘Earth’ brand in Delhi-NCR, Gurugram, Greater Noida and Lucknow. The projects that have come to light in the investigation include Earth Town, Earth Sapphire Court, Earth Copia, Earth Tech-One, Earth Iconic, Earth Titanium, Earth Saa Area. ,Earth Gracia,Earth Skygate
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ED says that through these projects, huge amount of money was collected from thousands of home buyers and investors, which is now being thoroughly investigated regarding money transfer and usage. Earlier during the raid, crores of rupees in cash, jewelery and other valuables were also recovered.
According to the investigating agencies, around ₹2024.45 crore was extorted from over 19,425 investors on the pretext of timely delivery of residential and commercial units and ‘assured returns’. Officials say that despite taking huge advance amount, the company failed to fulfill its promises. Many projects either remained incomplete or investors never got ownership of their flats and properties.
Where Went investors Of money?
Investigation has revealed that according to the Enforcement Directorate (ED), crores of rupees collected from the public were misused. According to the agency, the allegedly embezzled funds were used to purchase properties through other group companies, and to purchase land in Gurugram, Delhi and Rajasthan in the name of promoters’ family members, and to transfer funds through fake entities. The investigation has also revealed that some family members who did not work in the company were allegedly paid huge salaries, so that the money could be shown as legitimate income. The Enforcement Directorate says that this entire matter may be related to a big network of money laundering and a thorough investigation of the fund flow is going on.
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