The Enforcement Directorate (ED) has conducted a series of raids on the promoters of Bihar-based real estate company, Agrani Homes Pvt. Ltd., for allegedly duping numerous home buyers. The agency has seized 119 bank accounts, four insurance policies, and two luxury vehicles as part of its investigation under the anti-money laundering law.
The searches were conducted at eight locations, including Patna, Varanasi, Lucknow and Delhi, belonging to Agrani Homes, its CMD Alok Kumar Singh, Vijaya Raj Laxmi, Alka Singh, Rana Ranveer Singh, a “key employee” Satvik Singh and Chartered Accountant Nishat Shrivastava.
According to ED, Agrani group and its director cheated prospective home buyers and illegally diverted their deposits/investment for acquiring properties in their personal name or in the name of other companies. The money laundering case filed against the company and its promoters, under the provisions of the Prevention of Money Laundering Act (PMLA), is based on at least eight FIRs filed by Bihar Police.
The investigation revealed that more than 73 complaints were received against Agrani Homes, its CMD Alok Kumar Singh and others, where it was mentioned that the company “cheated” prospective home buyers of a sum of Rs 9.73 crore. The ED further added that sale deeds of properties purchased by Alok Kumar Singh in his name and in the name of his company were seized during the raids, along with the luxury vehicles and insurance policies.
The ED has been cracking down on money laundering activities across the country and has been actively pursuing cases of fraud in the real estate sector. The agency has urged the public to be cautious while investing in real estate and to carry out proper due diligence before making any financial transactions.
This latest development is a stark reminder of the risks involved in investing in real estate, and highlights the importance of regulatory bodies like the ED in curbing fraudulent activities. The ED has assured the public that it will continue to pursue those involved in money laundering and other illegal activities, and will take all necessary steps to protect the interests of investors
