ED Cracks Down on Real Estate Fraud in Delhi-NCR

The Enforcement Directorate (ED) raided multiple locations in Delhi-NCR concerning a real estate fraud investigating companies like Orris Infrastructure. This involves a Rs 500 crore scheme, with funds misappropriated by company officials. FIRs were initially filed by Delhi Police, spurred by complaints from homebuyers.

The Enforcement Directorate (ED) launched an extensive raid across a dozen locations in Delhi-NCR on Monday. The operation is part of an ongoing investigation into a massive Rs 500 crore money laundering fraud involving several real estate firms. These firms allegedly collected over Rs 1,000 crore from homebuyers but invested just half in the promised projects.

The implicated companies include Orris Infrastructure Private Limited, Greenbay Infrastructure Private Limited, and Three C Shelter Private Limited. Key figures being scrutinized are promoters Vijay Gupta, Amit Gupta, and Sardar Nirmal Singh, as well as other directors, according to official sources.

This probe by the ED's Gurugram zonal office follows complaints from dissatisfied homebuyers, documented in FIRs by the economic offences divisions of Delhi Police and Gurugram Police. The ED aims to uncover misappropriation and illegal diversion of funds, which allegedly halted the projects due to unauthorized sales and fund diversions.

(With inputs from agencies.)