Punjab: Audi car, Rs 85 lakh cash seized by ED

LUDHIANA: Directorate of Enforcement (ED) has seized unaccounted cash of about Rs 85 Lakh , one Audi Q7 car and several incriminating documents during a search operation conducted at different premises belonging to several builders who siphoned off money collected from home buyers and investors.


In this operation which was conducted under

Prevention of Money Laundering Act

(PMLA), 19 locations in different states were covered.

According to a statement issued by ED about the operation: "The searches were conducted on June 3rd 2022 at premises of M/S

Gupta Builders

and Promoters Private Limited and its directors Satish Gupta,

Pardeep Gupta

and their associates M/S

Bajwa Developers Limited

, M/S Kumar Builders, M/S

Vinmehta Films Private Limited

and residences of their directors Jarnail Singh Bajwa, Navraj Mittal and Vishal Garg and others at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi. ED initiated money laundering investigation on the basis of FIRs registered by Chandigarh and Punjab Police against M/S Gupta Builders and Promoters Private Limited and others that the company through its directors and associates duped and cheated homebuyers, investors by neither delivering flats, plots, commercial units nor returning their monies to the tunes of Rs. 325 crores in connivance with various other persons".

The ED statement also said, "The money laundering investigation carried out has revealed that the funds received from 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 purchase of various personal assets. During the search various incriminating documents pertaining to movable and immovable properties, unaccounted cash to the tune of Rs. 85 lakh , one Audi Q7 car have been seized”