ED raids NCR realty group in Rs 500-cr fraud

The Enforcement Directorate (ED) on Monday carried out raids at premises of a realty group operating in the Delhi NCR region and Goa, in connection with an alleged Rs 500 crore fraud involving investors.

According to sources, searches were conducted at seven premises linked to the 32nd Avenue group, following complaints from multiple investors who were allegedly duped by the company, leading to the registration of FIRs.

The estimated quantum of fraud is in excess of Rs 500 crore, ED sources said, adding that the group’s promoter-directors are currently absconding or in judicial custody.

The investigation is ongoing, with the money trail being examined to ascertain alleged siphoning of funds and to identify assets for possible attachment, sources added.