The ED stated on Tuesday that an Audi car, 85 lakh in cash, and documents were seized during recent raids on a Punjab-based real estate business in connection with a money laundering investigation relating to alleged homebuyer scam.
The searches were conducted on June 3 against Gupta Builders and Promoters Pvt. Ltd., its directors Satish Gupta and Pardeep Gupta, their associates Bajwa Developers Ltd, Kumar Builders, Vinmehta Films Pvt. Ltd., and their directors Jarnail Singh Bajwa, Navraj Mittal, Vishal Garg, and others at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi, it said in a statement.
The money laundering case arises from a Punjab Police FIR against the accused, who are alleged of ‘duped and cheated’ homebuyers/investors by not delivering flats, plots, or commercial units or returning their money to the tune of 325 crore in collusion with other people.
The investigation found that ‘funds received from homebuyers for development of residential and commercial projects were siphoned off by directors of the company in connivance with their associates and others and have been invested in purchase of various personal assets.’
‘Incriminating documents pertaining to movable and immovable properties, unaccounted cash of Rs. 85 lakh and a Audi Q7 car have been seized (during the raids),’ the agency claimed.
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