Massive ₹500 Crore Real Estate Fraud: ED Raids Builder Premises in Gurugram
Uncovering Allegations of Financial Misconduct
Gurugram: In a significant crackdown, the Enforcement Directorate (ED) on Monday conducted raids at multiple locations linked to prominent real estate companies, including Oris Infrastructure Private Limited, Greenbay Infrastructure Private Limited, and Three C Shelter Private Limited. The raids were carried out in connection with allegations of a massive ₹500 crore fraud involving fund misappropriation and diversion.
Morning Raids Across Key Locations
Starting as early as 5 a.m., ED teams arrived at various locations across the National Capital Region, including a property in Jatauli Mandi belonging to Sanjay Kumar Aggarwal. Documents were seized from the premises, and local police were deployed outside the residence as over ten officials carried out the investigation inside.
Sources revealed that Sanjay Kumar Aggarwal, who serves as a director in multiple companies, is connected to the accused builders. The ED also conducted searches at properties in DLF linked to Oris Infrastructure, Greenbay Infrastructure, and Three C Shelter. These companies are promoted by individuals including Vijay Gupta, Amit Gupta, and Sardar Nirmal Singh, who are now under scrutiny for their roles in the alleged fraud.
₹500 Crore Under the Lens
The investigation centers on accusations that these companies and their promoters diverted funds, facilitated financial embezzlement, and engaged in real estate fraud amounting to over ₹500 crore. The probe aims to uncover whether undue financial benefits were extended to shareholders, directors, and other stakeholders of these firms.
ED’s Action Follows FIRs by Police
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) after taking cognizance of FIRs registered by the Delhi Police Economic Offences Wing and Gurugram Police. The central agency’s zonal office in Gurugram has been leading the search operations across Delhi-NCR, focusing on gathering evidence to substantiate the allegations.
Builders in the Spotlight
This high-profile case has placed real estate developers under intense scrutiny, signaling tougher action against financial irregularities in the sector. As the ED continues its probe, further details are awaited on the involvement of the accused and the recovery of misappropriated funds.
The ongoing investigation highlights the need for greater transparency and accountability in real estate transactions, a sector already battling concerns of trust and regulatory compliance.