ED Clamps Down: Rs2.73 Crore Assets Seized in Lucknow Fraud Case

In a significant crackdown, the Enforcement Directorate (ED) in Lucknow has attached assets worth Rs2.73 crore in connection with a money laundering case involving Niharika Ventures. The firm is accused of misleading investors with promises of affordable plots, with funds allegedly diverted for personal gains.

In a decisive move, the Enforcement Directorate (ED) has provisionally attached immovable assets valued at Rs2.73 crore as part of its investigation into a fraud case in Lucknow. The assets, linked to Niharika Ventures and Developers, were seized under the Prevention of Money Laundering Act (PMLA).

According to ED officials, the company allegedly duped investors by falsely promising affordable residential land. Investigations have uncovered that the funds collected were misappropriated, with real estate purchases being made in the names of the accused rather than delivering on investor promises.

The agency's probe was initiated following multiple FIRs by the Uttar Pradesh Police, highlighting investor fraud and contract breaches. The ED continues its examination into the illicit activities and financial irregularities.

(With inputs from agencies.)