The real estate firm Gupta Builders and Promoters (GBPPL), its directors, and their associates have had properties worth Rs 147.81 crore attached by the Enforcement Directorate (ED), the agency announced on Thursday.
These properties are owned by GBPPL, its directors Satish Gupta and Pardeep Gupta, and their partners Anupam Gupta and Navraj Mittal. They include commercial premises, residential homes, agricultural land, and bank accounts. In accordance with the 2002 Prevention of Money Laundering Act (PMLA), ED has attached these properties.
The Chandigarh and Punjab Police’s first information reports (FIRs) against Gupta Builders and Promoters Pvt Ltd, its directors, and others served as the foundation for the ED’s money-laundering inquiry.
“According to an ED investigation, the business collected a total of Rs 478 crore from customers. By guaranteeing them the delivery of apartments, plots, or business spaces, they deceived innocent consumers. However, neither the projects nor the money were provided by them “ED released a statement.
The ED inquiry also turned up evidence that the directors of GBPPL stole money from property buyers with the help of other people.
This money was used to purchase numerous moveable and immovable properties that are the profits of crime and are currently provisionally attached through a web of fraudulent transactions.
Earlier searches conducted on June 3 at various locations of the people involved in this investigation resulted in the seizure of several damning papers and movable assets by ED.