New Delhi, September 22
The Enforcement Directorate (ED) today said it had issued a provisional attachment order under provisions of the Prevention of Money Laundering Act (PMLA) to seize assets worth Rs 147 crore belonging to Chandigarh-based reality group Gupta Builders and Promoters Private Limited (GBPPL) in connection with a case, in which the company was alleged to have duped many investors by promising them flats and plots.
The ED said the properties attached included commercial spaces, residential houses, agriculture land and bank accounts belonging to the GBPPL, its directors Satish Gupta, Pardeep Gupta and their associates Anupam Gupta and Navraj Mittal. The total worth of these assets was Rs 147.81 crore, it added.
The directors of the company, in “connivance” with other persons, siphoned off money collected from homebuyers, the ED alleged, adding that the money so generated was laundered through a web of “fraudulent” transactions and invested in various movable and immovable assets, which were proceeds of crime and the same were provisionally attached.
During the course of the investigation, the agency found that Rs 478 crore was collected by the company from buyers and they (company and promoters) “duped” them by promising to deliver flats, plots and commercial spaces, the ED said, adding that but they neither delivered the projects nor returned their money.
The money laundering case stems from the FIRs filed by the police of Chandigarh and Punjab against the accused.
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