ED Searches 13 Locations in Multi-City NRI Housing Loan Fraud Case

The ED is conducting searches at 13 locations in Delhi, Bengaluru, and Chandigarh following a money laundering investigation into fraudulent NRI housing loans obtained via forged documentation by several real estate entities.

ED Raids Multiple Locations in NRI Loan Fraud Case

The Enforcement Directorate [ED] on Friday conducted searches at 13 locations across Delhi-NCR, Bengaluru and Chandigarh in connection with a money laundering case relating to fraudulent NRI housing loans allegedly obtained using forged documents, officials said.

The search operation began early in the morning in close coordination with police and other security forces under the Prevention of Money Laundering Act [PMLA], covering the premises of suspects linked to the case.

Entities Under Investigation

The entities covered in the search operation are Antriksh Promoters and Developers Pvt Ltd and Sunshine Infrawell Pvt Ltd, the officials said.

As per the officials privy to the development, the operation is aimed at gathering evidence related to the suspected financial irregularities and tracing the money linked to the alleged offence.

Scope of the Probe

The investigation relates to alleged fraud involving housing loans intended for Non-Resident Indians [NRIs], with forged documents allegedly used to obtain the loans. The federal agency is investigating the alleged role of the entities involved in the money laundering as well as the amount of the suspected fraud.

In the search operation, the ED can provisionally seize documents and digital evidence, among other evidence believed to be proceeds of crime, subject to the provisions of the law. [ANI]

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