Tightening noose against menace of money laundering, the Enforcement Directorate (ED) has seized several incriminating documents, digital devices, and details of movable and immovable properties during searches conducted at 13 locations in Delhi, NCR and Punjab's Mohali in an ongoing investigation against Raheja Developers Ltd.
This is second big action against any builder by ED, earlier on similar lines having been taken some time back against Amarpali group in Noida and Greater Noida in UP for having indulged in practices of money laundering. In this case, the raids were conducted on June 27 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The federal agency initiated an investigation on the basis of multiple First Information Reports (FIRs) registered by Delhi's Economic Offences Wing under various sections of the Indian Penal Code, 1860, against Raheja Developers Ltd., its Managing Director Naveen Raheja, and others.
"The FIRs allege that substantial sums were fraudulently collected from investors and homebuyers by Raheja Developers Ltd on the promise of delivering residential flats in various group housing projects but failed to hand over the promised flats," said the ED in a statement. ED
Meanwhile, ED has attached immovable properties worth Rs 28.36 crore located at Delhi, Gurugram, Faridabad, Sonipat, Amritsar and Greater Noida in a more than Rs 950 crore bank fraud case linking Sunstar Overseas Ltd, the agency said on Friday.ED's Gurugram Zonal Office attached the properties under the Prevention of Money Laundering Act (PMLA), 2002.
The federal agency initiated investigation based on the First Information Report (FIR) of Central Bureau of Investigation (CBI), Chandigarh registered against Sunstar SOL, its ex-directors-- Rohit Aggarwal, Rakesh Aggarwal, Naresh Aggarwal, Sumit Aggarwal-- and others under various sections of Indian Penal Code, 1860 for "committing fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of more than Rs 950 crore, to a consortium of nine lender banks lead by Karur Vyasya Bank.
ED said its investigation revealed that ex-directors and promoters of SOL laundered the loan amounts availed by the firm through a web of related and controlled beneficially owned entities, a shell entity and a dummy entity."Investigation also revealed that ex-directors and promoters of SOL regained actual and indirect control by misusing Corporate Insolvency Resolution Process (CIRP) proceedings of National Company Law Tribunal (NCLT)," said the ED in a statement.
Follow us
