ED attaches property worth over 200 crore of Haryana-based firm under money laundering Act

IANS

New Delhi, December 7

The Enforcement Directorate (ED) on Wednesday said it has attached the proceeds of crime (PoC) of Haryana-based Sobha Ltd in the form of immovable properties worth Rs 2,01,60,45,956 under the Prevention of Money Laundering Act.

With this attachment, the total estimated PoC has touched Rs 311 crore.

The case was initiated on the basis of an FIR registered by Haryana Police against Sobha Limited and others for violation of rules laid down by DTCP (Directorate of Town & Country Planning), Haryana and cheating general public for selling plots meant for “No Profit No Loss (NPNL)” category at exorbitant market prices in the Sobha International City, Gurugram.

Haryana Police had filed charge sheets against Sobha Limited and other related persons for the offence.

Acting upon the FIR registered by the Haryana Police, the ED initiated its investigations and learnt that management of Sobha Limited had flouted a premeditated scheme to defeat the intent of the NPNL scheme and in a premediated manner, the plots were allotted to its own employees and were later sold to general public as villas at exorbitant prices.

“In a pre-planned manner, Sobha Limited floated 59 LLPs (Limited Liability Partnership) making its employees as designated partners and transferred fund of Rs 29 crore indirectly to these 59 LLPs in order to enable them to purchase 59 plots at the price of Rs 48 lakh as stipulated under the scheme,” the ED said.

It said that immediately after the sale of these plots to LLPs, these LLPs transferred these plots to Eunomia Developers LLP (an entity under direct control of Sobha Limited) having the same designated partners. These LLP in turn sold the plots to the general public and generated Proceeds of Crime (PoC) of Rs 201 crore.

As PoC had already been dissipated by Sobha Limited, equivalent land of book value Rs 201 crores has been attached by the ED which includes land bank of Sobha Limited in Kerala held through one of its controlled entities, Technobuild Developers Pvt. Limited.

Earlier, in this case the ED had searched 17 premises of Sobha Limited and its management in 2019.

Two persons, namely Ashok Solomon and Prakash Gurbaxani were arrested by the ED and a Prosecution Complaint against them had been filed. Cognizance of the same has already been taken by the court.

Further, investigation in the matter is on.

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