The Lucknow zonal office of the Enforcement Directorate (ED) conducted a search operation at 4 places in Ghaziabad, Noida and Delhi under the provisions of PMLA, 2002. This action was taken at places related to builder Sandeep Singh and officials of ‘Seva Suraksha Cooperative Housing Society’ in the money laundering case related to land and real estate fraud in Ghaziabad. ED started investigation on the basis of 3 FIRs registered by UP Police. These FIRs were registered for offenses under various sections of the IPC, 1860, which are ‘scheduled offenses’ under PMLA, 2002.
According to the FIR, Sandeep Singh (Director of M/s Shrastha Propbuild Pvt. Ltd.) was the main beneficiary and main conspirator of this fraud. He had promised the committee members (who are retired Sashastra Seema Bal officers) 264 residential flats on half of the committee’s land, in return for which he wanted the right to sell or develop the remaining half of the land.
Project not completed as promised
It was also revealed from FIAP that the members were promised the construction and delivery of residential flats within the stipulated time or to pay monthly rent in case of delay, but the project was not completed as promised. Instead, Sandeep Singh misused the agreement and sold half of the 41,544 square meter land to a third party without completing the flats for the members. In this way they took advantage unfairly and deprived the members of their rights.
Many important documents seized
The ED is investigating the generation, concealment, possession, receipt and use of ‘proceeds of crime’ derived from these scheduled crimes. This also includes the trail of funds (transaction path) and the assets purchased from it. During the search, many important documents related to money trail, properties and financial statements of the company etc. were seized under the provisions of PMLA, 2002. Earlier on June 25 also, the Enforcement Directorate had conducted search operations at several places in Uttar Pradesh and Delhi as part of the money laundering investigation in the alleged land and real estate fraud case in Ghaziabad.
Also read: UP-RERA strict on promoters who do not submit audit report, heavy fine may be imposed
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