The Enforcement Directorate (ED) has conducted a search operation at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi against Gupta Builders and Promoters Pvt Ltd and its directors in a money laundering case, the agency said on Tuesday.
The federal agency claimed to have seized various incriminating documents pertaining to movable and immovable properties, un-accounted cash to the tune of Rs 85 lakh and one Audi Q7 car during searches.
The raids were carried out on Friday under the Prevention of Money-laundering Act (PMLA), 2002
The places searched included premises of Gupta Builders and Promoters Pvt Ltd and its Directors Satish Gupta, Pardeep Gupta and their associates Bajwa Developers Ltd; Kumar Builders, Vinmehta Films Pvt Ltd and residences of their Directors Jarnail Singh Bajwa, Navraj Mittal and Vishal Garg and Others.
ED initiated the money-laundering investigation on the basis of First Information Reports (FIRs) registered by Chandigarh and Punjab Police against Gupta Builders and Promoters Pvt Ltd and others that the company through its directors and associates duped and cheated home buyers and investors by neither delivering flats, plots and commercial units nor returning their monies to the tune of Rs 325 crore in connivance with various other persons.
"The money-laundering investigation carried out has, inter-alia, revealed that the funds received from the Homebuyers for development of residential and commercial projects were siphoned off by the Directors of the company in connivance with their associates and others and have been invested in the purchase of various personal assets," said the ED.
( With inputs from ANI )
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