New Delhi, Aug 19 (IANS) The Enforcement Directorate (ED) on Wednesday attached properties worth Rs 71.60 crore over the multi-crore fraud case pertaining to the 32nd Avenue Group case.
The realty firm has been under the scanner of agencies and faced multiple raids in the past few months at its premises in the Delhi-NCR region, with the promoters and directors of the company facing offences of forgery and criminal loot of gullible investors.
The company’s promoter-directors, Anubhav Sharma and Dhruv Sharma, were earlier searched by the ED sleuths in April this year.
The ED had initiated investigation on the basis of multiple FIRs registered by Delhi Police and Gurugram Police against the said group, its promoter-directors Anubhav Sharma, Dhruv Sharma and others, for offences including cheating, criminal breach of trust, forgery and conspiracy.
The investigations revealed an organised and systematic modus operandi in which investors were induced to purchase commercial units on in-lieu of assured long-term leases, fixed rental income, buy-back arrangements and periodic increase of returns.
In several cases, possession was not handed over or was subsequently taken back.
The same commercial spaces were allegedly sold or leased to multiple persons, including after alteration of unit numbers, areas and layouts.
Further investigation revealed instances of TDS being deducted from rental payments but not deposited with the Income Tax Department.
Funds collected from investors were routed and layered through a network of more than 50 companies/LLPs, many of which were found at common or non-functional addresses and were apparently used for routing and layering of funds.
The investigation also traced utilisation of funds received from sale of properties at 32nd Avenue/related projects for acquisition of properties in Goa and Maharashtra.
“As many as 76 immovable properties were attached, including commercial units in Gurugram, as well as land/property in Goa and Maharashtra. As many as 38 movable properties were attached, which include balances in multiple bank accounts and an inland vessel,” the agency had said in a statement.
Earlier, the ED conducted search operations on April 13 and 14 at seven premises across Delhi-NCR, Goa, Jaipur and Mumbai.
Key accused Anubhav Sharma, Dhruv Sharma, Mamta Sharma and Shirin Sharma are currently in judicial custody.
–IANS
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