GBP builders cheating case: ED seizes ₹85L

Chandigarh: The directorate of enforcement (ED) seized several incriminating documents pertaining to movable and immovable properties, unaccounted cash worth around Rs 85 lakh and an Audi Q7 car during searches at 19 locations of

Gupta Builders

and

Promoters

Pvt Ltd. Searches were also conducted at residences of its directors Satish Gupta and Pardeep Gupta besides their associates; Bajwa Developers, Kumar Builders, Vinmehta Films Pvt Ltd and residences of directors Jarnail Singh Bajwa, Navraj Mittal, Vishal Garg as well as others in Chandigarh, Ambala, Panchkula, Mohali and Delhi.The ED conducted searches at 19 locations under the Prevention of Money Laundering Act (PMLA), 2002 on the premises of

GBP

Pvt Ltd and others on June 3. The investigation was conducted on the basis of FIRs registered by Chandigarh and Punjab Police against Gupta Builders and Promoters and others. The accused, in connivance with several other persons, duped several home buyers and investors by neither delivering flats, plots and commercial units nor returning their money amounting to Rs 325 crore in connivance with several other persons.The money laundering investigation revealed that the funds received from home buyers for development of residential and commercial projects were siphoned off by company directors in collusion with their associates and invested in the purchase of various personal assets.