ED Cracks Down on Defrauding Real Estate Giant: Earth Infrastructures Unravelled
The Enforcement Directorate seized Rs 6.3 crore in cash and Rs 7.5 crore in jewellery from Earth Infrastructures Ltd., a real estate firm under insolvency. The company is accused of defrauding homebuyers in Delhi-NCR, promising incomplete projects while funds were misallocated.
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- India
In a significant move, the Enforcement Directorate (ED) has seized assets worth Rs 13.8 crore from a beleaguered Delhi-based real estate company, Earth Infrastructures Ltd. (EIL), as part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA).
The operation targeted 10 premises across Delhi and Gurugram, including locations linked to former directors, promoters, and associated entities of the company, which has been under corporate insolvency resolution since June 2018.
Investigations revealed that EIL collected Rs 2,024.45 crore from over 19,425 investors for multiple real estate projects, promising timely delivery but failing to complete projects or grant possession. Funds were allegedly diverted to acquire land or funneled into shell companies.
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