ED attaches Rs 313 cr properties of Ansal Properties in money laundering case

The ED attached Rs 313.12 crore worth of land in Agra belonging to Ansal Properties in a money laundering case. The action follows a probe into diversion of funds collected from homebuyers for the Sushant Golf City project in Lucknow.

The Enforcement Directorate (ED) on Wednesday said it has attached immovable properties valued at Rs 313.12 crore as part of its ongoing investigation into Ansal Properties and Infrastructure Ltd (APIL) and its promoters for their involvement in criminal activities, including financial misappropriation and fraudulent diversion of funds collected from homebuyers.

The attached properties consist of residential land parcels spanning 9.08 hectares, located in Uttar Pradesh's Agra. These properties are held in the name of the associated companies of APIL.

ED's PMLA Investigation

ED's Lucknow zonal office attached these properties under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. ED initiated the investigation based on 278 FIRs registered against APIL and its Directors for committing offences such as criminal breach of trust, criminal conspiracy, and forgery, as outlined under various Sections of IPC, 1860.

Focus on Sushant Golf City Project

"The investigation primarily focuses on the Sushant Golf City project in Lucknow. These FIRs highlight non-delivery of flats and diversion of funds collected from homebuyers for the project," said the ED in a statement.

Diversion of Homebuyer Funds

ED investigation revealed that customer advances totalling Rs 1,234.92 crore were collected under the guise of projects at Sushant Golf City, Lucknow. "However, only Rs 921.80 crore was utilised in the creation of the Lucknow project assets, while the remaining Rs 313.12 crore was diverted to non-project-related activities and dissipated."

Alternative Properties in Agra Attached

As the direct Proceeds of Crime are no longer available, the ED said, it has provisionally attached alternative immovable properties located in Agra, as equivalent value.

ED said this action was taken to protect the interests of innocent homebuyers and prevent disruption to the occupied projects. (ANI)

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