The Enforcement Directorate last week seized documents and devices, including properties worth ₹217.80 crore, in operations against Ansal API, for alleged money laundering, the Hindustan Times reported on May 3.
The ED’s Lucknow zonal unit, has seized several documents and devices during searches at the company’s Delhi, Ghaziabad and Lucknow premises under the Prevention of Money Laundering Act (PMLA) 2002, it added.
What is the ED Investigation into Ansal API About?
The ED is investigating Ansal Properties and Infrastructure and senior management for alleged large-scale fraud, criminal breach of trust and cheating of homebuyers, according to a press note from the authority on May 3.
This is based on over 100 FIRs registered against them in Delhi, Haryana, Punjab and Uttar Pradesh, the department said.
Searches were thus conducted at five locations, including the residences of Pranav Ansal (promoter- director), Deepak Movar (director) and other senior employees; and at offices of Ansal API in Delhi, Ghaziabad and Lucknow, it added.
What Has the ED Seized?
Financial details, project-level financials of the Ansal Group, bank account details of 174 subsidiaries and group companies of Ansal API were seized, the ED officials said, sharing a press note.
The officials also said a detailed list of 62 immovable properties worth ₹217.80 crore held in the name of Pranav Ansal, his family members, and associated entities, was recovered from a mobile device seized from a searched premise.
The PMLA investigation was initiated against Ansal API and its senior management based on more than 100 FIRs registered across Uttar Pradesh, Delhi, Haryana, and Punjab, alleging large-scale fraud, criminal breach of trust and cheating of homebuyers, the officials said.
They added that the FIRs collectively indicate a fraud involving over ₹135.51 crore, wherein investors and homebuyers were lured into projects that were either never completed or never handed over, and the collected funds were allegedly siphoned off.
“During investigation it was revealed that a significant portion of the buyers’ money was diverted and misappropriated. Despite multiple summons, the senior management failed to cooperate with the investigation and did not provide the required financial details,” a senior ED official said.
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