City
Epaper

ED arrests Director of builder company for cheating investors

By IANS | Updated: March 16, 2020 17:50 IST

(IANS) The Enforcement Directorate (ED) on Monday said it has arrested the Director of Sanjeevani Buildcon Pvt. Ltd. for cheating the investors by offering them plots.

Open in App

New Delhi, March 16 The Enforcement Directorate (ED) on Monday said it has arrested the Director of Sanjeevani Buildcon Pvt. Ltd. for cheating the investors by offering them plots.

THe ED said that it arrested Shyam Kishore Gupta, Director of the Sanjeevani Buildcon under the charges of Prevention of Money Laundering Act (PMLA).

The ED claimed that Gupta, induced the gullible investors to deposit money with the accused company for the purchase of plots of land and subsequently this money was siphoned off.

Gupta was produced before the a Ranchi court and sent to 10 days custody to ED.

The ED had taken over the probe on the basis of the CBI FIR filed against Gupta in 2014. The CBI had filed a chargesheet against Gupta in 2016.

The ED said that during probe it was revealed that Gupta along with Jayanti Dayal Nandi, Managing Director of the Company and others fraudulently lured a large number of persons by inducing them for purchasing of plots in Jharkhand.

"Deposits to a tune of around Rs 80 crore were received from the investors but possession of plots or flats was not given to them," the ED said.

The ED alleged that the money received from investors deposited into the bank accounts of the company and its Directors and the same was siphoned off to the accounts maintained in the name of the Directors.

Gupta along with others used the money of such investors to create various movable and immovable assets in their own names.

In January last year, ED attached assets worth Rs 3.10 crore of Gupta.

( With inputs from IANS )

Open in App

Related Stories

InternationalUS Fighter Jets Scrambled After Civilian Aircraft Violates Donald Trump Airspace at New Jersey Bedminster

InternationalTrump repeats claim of brokering ceasefire between India, Pakistan

International68 African Migrants Dead, Dozens Missing in Shipwreck Off Yemen: UN

InternationalIran approves formation of new defence council

InternationalIsraeli military intercepts drone from Yemen

National Realted Stories

NationalPhilippines President Marcos begins 5-day India visit today to boost defence, trade ties

NationalCM Rekha Gupta to table two CAG reports in Delhi Assembly today during monsoon session

NationalGovt and agency should find conspirators of Malegaon bomb blast: Bhaiyaji Joshi

NationalUP Police telecom gets 1,494 new recruits as CM Yogi hands over appointment letters

NationalCM Mohan Majhi announces ex gratia for 6 Odia migrants killed in Andhra quarry blast