Homebuyers ‘fraud’ case: ED seizes over Rs 6 crore cash in raids on Delhi real estate firm assets

Where the case stands

The latest position in the reports we read.

The Enforcement Directorate has seized cash and valuables during raids while the money laundering investigation and corporate insolvency proceedings remain ongoing.

Who was affected

Described in general terms; we do not name victims.

More than 19,425 homebuyers and investors who invested in residential and commercial projects across Delhi-NCR and Lucknow.

Timeline

Key dates as reported, oldest first.

How the scam worked

The method described in the reports.

1. The real estate firm and its associated entities launched multiple property projects under the 'Earth' brand across Delhi-NCR and Lucknow.
2. The accused companies collected large sums of money from homebuyers and investors with promises of timely delivery of residential and commercial units, as well as assured returns.
3. Rather than using the funds to complete the promised construction, the firm allegedly left several projects incomplete and failed to hand over possession.
4. The collected funds were allegedly diverted to purchase land parcels in Gurugram, Delhi, and Rajasthan, or were routed through shell companies.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

Keep reading

More cases like this one.

Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.