New Delhi, July 30 (IANS) The Enforcement Directorate (ED) recovered Rs 50 lakh cash, three high-end cars, documents and digital devices during search operations at eight residential and business premises of a real estate company in Gurugram and its officials in connection with a more than Rs 63 crore fraud with property buyers, an official said on Thursday.
The ED’s Gurugram Zonal Office conducted search and survey operations against Imperia Wishfield Private Limited (IWPL), Imperia Structures Limited (ISL), their promoter Directors and present Resolution Professional in Delhi, the ED official added.
The searches were conducted on Wednesday under the provisions of Prevention of Money Laundering Act (PMLA), 2002, the ED said.
The ED earlier recorded an Enforcement Case Information Report (ECIR) under the PMLA, 2002, against ISL, IWPL, and their promoter directors, Harpreet Singh Batra, Brajinder Singh Batra, Pradeep Sharma, Avinash Setia and others.
The ED initiated investigation on the basis of multiple FIRs registered under IPC, 1860, by police authorities of Haryana, Delhi and Uttar Pradesh against the directors and promoters of IWPL and ISL, alleging systemic fraud, inducement, non-delivery of real estate projects, defaulting in paying monthly assured returns and lease rentals.
The officials of these companies were also accused of siphoning investor funds across the Delhi-NCR region.
The ED has also received multiple complaints from home buyers of the projects under investigation.
During investigation, it was revealed that IWPL diverted funds collected from the buyers of the project Elvedor in Gurugram’s Sector-37, to create its other liabilities and also found to be routing these gullible buyers’ investments towards loans and advances to its related/associated entities/persons, the ED said.
The IWPL company started collecting bookings from the buyers since 2011 and even after 15 years, the company failed to hand over the possession of the units to the buyers, the ED added.
Imperia Structures Limited accepted advance bookings from several buyers of Imperia Mindspace at Gurugram and Imperia Business Park at Greater Noida, on the pretext of giving them possession along with assured monthly returns and lease returns but failed to abide by its commitments, the ED said.
“There are also several instances wherein bookings were accepted from multiple buyers for the same individual unit while intentionally withholding BBAs and instead executed only MoUs without unit identification and possession timelines. At present, the Elvedor project is under resolution proceedings,” the probe agency added.
Investigation findings so far revealed that IWPL had collected Rs 63 crore from the buyers of Elvedor project, the ED said, adding that proceeds of crime with respect to other projects such as Mindspace, Gurugram and Imperia Business Park in Greater Noida are being quantified.
During the search operations on Wednesday, various digital devices and incriminating documents, including property documents related to promoters and directors of IWPL and ISL, Audited Financials, Tally Data, details of diversion of Funds and details of all the funds invested by the buyers, were recovered and seized.
The ED had also seized cash amounting to Rs 50.50 lakh, and three high-end luxury vehicles, the statement said.
–IANS
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