Real Estate Giants Under ED Scrutiny: Rs 80 Crore Assets Seized Amidst Fraud Investigation

The Enforcement Directorate has attached assets worth Rs 80 crore of real estate companies, including Vatika and Unitech Groups, amidst a money-laundering probe involving the Gurugram-based Ramprastha group. Allegations include diversion of funds collected from homebuyers instead of using them for the intended projects.

The Enforcement Directorate (ED) has further intensified its money-laundering investigation involving the Gurugram-based Ramprastha group by attaching assets worth Rs 80 crore of major real estate firms such as Vatika and Unitech Groups.

This move, linked to alleged fraudulent activities with homebuyers, brings the total value of attached assets in the case to Rs 866 crore. The attachments aim to address funds reportedly diverted from homebuyers to company affiliates.

The investigation follows multiple FIRs highlighting complaints from homebuyers who did not receive promised flats and plots. The company allegedly collected Rs 1,100 crore from over 2,000 buyers but misappropriated the funds.

(With inputs from agencies.)