Directorate of Enforcement (ED) on Friday said it has provisionally attached immovable properties worth Rs 157.7 crore belonging to Punjab-based real estate company Gupta Builders and Promoters Pvt. Ltd. (GBPPL), its directors Satish Gupta, Pardeep Gupta and their associates on money laundering charges.
The attached properties include commercial/ residential spaces, the ED said.
The ED initiated money-laundering investigation on the basis of FIRs registered by Chandigarh and Punjab Police against real estate company Gupta Builders and Promoters Pvt. Ltd; its directors and others.
“Investigation revealed that an aggregate amount of Rs 478 crore was collected by the company from buyers. They duped the innocent buyers by promising them to deliver flats/plots/commercial spaces. However, they neither delivered the projects nor returned their money,” the ED said in a statement.
Investigation conducted by ED further revealed that the Directors of GBPPL in connivance with other persons siphoned off money collected from home-buyers.This money was laundered through a web of fraudulent transactions and invested in various immovable properties, being ‘proceeds of crime’ and the same are provisionally attached.
