Enforcement Directorate Raids Delhi Real Estate Company, Uncovers Rs 13.80 Crore in Assets
The Enforcement Directorate (ED) conducted raids on Earth Infrastructures Ltd., a debt-ridden Delhi real estate company, and recovered a significant amount of cash and jewelry worth Rs 13.80 crore.
Background of the Case
The ED conducted searches across 10 premises in Delhi and Gurugram on Friday under the Prevention of Money Laundering Act (PMLA) targeting former directors, promoters, and associated entities of Earth Infrastructures Ltd.
Assets Recovered During the Raids
- Cash: Rs 6.30 crore
- Jewelry: Rs 7.50 crore
- Silver bullion: Recovered during the operation
- Luxury watches: Recovered during the operation
Triggering the Investigation
The money laundering probe was triggered by five First Information Reports (FIRs) filed by the Delhi Police Economic Offences Wing and a separate complaint from the Serious Fraud Investigation Office (SFIO).
Allegations Against Earth Infrastructures Ltd.
- The company collected Rs 2,024.45 crore from over 19,425 homebuyers and investors.
- Buyers were promised timely delivery of residential and commercial units along with guaranteed returns.
- The projects were either left incomplete or buyers were denied possession of units they had paid for.
- The ED alleged that the money collected from buyers was siphoned off into land acquisitions or funnelled through shell companies.
Insolvency Proceedings and Investigation
The corporate insolvency resolution process against Earth Infrastructures has been underway for nearly seven years.
Friday's raids signal that investigators are now pursuing the criminal dimension of the case with fresh urgency.