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In the case of alleged fraud with home buyers, the Enforcement Directorate (ED) on Tuesday said that the real estate group of Punjab has been raided recently. In this action, an Audi car, Rs 85 lakh in cash and several important documents related to the case have been seized.
19 locations were raided
It was told by the Enforcement Directorate that on June 3, Gupta Builders and Promoters Pvt Ltd and its directors Satish Gupta and Pradeep Gupta, besides group associates Bajwa Developers Ltd, Kumar Builders at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi Raids were conducted at Vinmehta Films Pvt Ltd and their directors Jarnail Singh Bajwa, Navraj Mittal and Vishal Garg. The ED said that documents related to movable and immovable properties, cash worth Rs 85 lakh and an Audi Q7 car have been seized during the raids, the ED said.
Use of home buyers money here
Actually, the ED took this action on the basis of the FIR of Punjab Police. It was alleged that these builder groups in connivance of various persons neither handed over flats, plots, commercial units to home buyers/investors and also did not return about Rs 325 crore to them. After this, the ED had registered a case of money laundering against all of them. The investigation found that the company’s directors in connivance with their associates and others had siphoned off the money received from the home buyers and purchased personal properties from them.