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ED seizes assets of Gupta builders in money laundering case

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New Delhi, June 7 (Ajit Weekly News) The Enforcement Directorate (ED) on Tuesday said that it has seized the assets of Gupta builders and its directors.

The agency said it conducted a search operation on June 3 at the premises of Gupta Builders and Promoters Pvt Ltd. and its Directors Satish Gupta, Pardeep Gupta and their associates Bajwa Developers Ltd, Kumar Builders, Vinmehta Films Pvt Ltd. and residences of their Directors Jarnail Singh Bajwa, Navraj Mittal and Vishal GargA and Others at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi.

They all are facing charges of money laundering.

The ED initiated money-laundering investigation on the basis of the FIRs registered by Chandigarh and Punjab Police against Gupta Builders and Promoters Pvt Ltd and others.

It was alleged in the FIRs that the company through its directors and associates duped and cheated homebuyers, investors by neither delivering flats nor returning their monies. They allegedly cheated the innocent person to the tune of Rs 325 crore.

“The money-laundering investigation carried out has, inter-alia, revealed that the funds received from the homebuyers for development of residential and commercial projects were siphoned off by the Directors of the company in connivance with their associates and others. Later the funds were invested in purchase of various personal assets,” the ED official said.

The official said that during the search, various incriminating documents pertaining to movable and immovable properties, unaccounted cash to the tune of Rs 85 lakh and one Audi Q7 car were seized.

Further investigation in the matter is on.

–Ajit Weekly News

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