The Enforcement Directorate (ED) has conducted raids at multiple locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi against Gupta Builders and Promoters Pvt Ltd and its directors in a money laundering case.
The federal agency claimed to have seized various incriminating documents pertaining to movable and immovable properties, unaccounted cash to the tune of Rs 85 lakh and one Audi Q7 car during searches on June 3.
As per the ED statement, search operations were carried out against the company, its directors Satish Gupta, Pardeep Gupta, their associates Bajwa Developers, Kumar Builders, Vinmehta Films and residences of their directors Jarnail Singh Bajwa, Navraj Mittal, Vishal Garg and others at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi.
The central agency initiated the money-laundering investigation on the basis of FIRs registered by Chandigarh and Punjab Police against Gupta Builders and others that the company through its directors and associates duped and cheated home buyers and investors by neither delivering flats, plots and commercial units nor returning their monies to the tune of Rs 325 crore in connivance with various other persons.
“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 and have been invested in the purchase of various personal as-sets,” said the ED.
