NEW DELHI: The Enforcement Directorate (ED) has seized cash and valuables worth Rs 13.8 crore following raids against a Delhi-based real estate company accused of defrauding homebuyers and currently undergoing insolvency proceedings, sources said.
“The agency conducted raids on a debt-ridden Delhi real estate company and recovered Rs 6.30 crore in cash and jewellery worth Rs 7.50 crore after allegations that it collected over Rs 2,000 crore from unsuspecting buyers and then failed to deliver on its promises,” an ED official said.
Sleuths seized Rs 6.3 crore in cash, jewellery valued at Rs 7.5 crore, silver bullion, and luxury watches as part of a major money laundering investigation.
The action under the Prevention of Money Laundering Act was launched late on Friday, covering ten premises of former directors, promoters, and associated entities of the company—Earth Infrastructures Ltd. (EIL)—in Delhi and Gurugram.
The probe stems from five FIRs registered by the Delhi Police’s Economic Offences Wing against EIL and its directors for alleged cheating, criminal breach of trust, and criminal conspiracy. A criminal complaint filed by the Serious Fraud Investigation Office (SFIO) under Section 447 of the Companies Act further underscores allegations of large-scale fraud. The company has been undergoing a corporate insolvency resolution process (CIRP) since June 2018.
Sources said the group and its associated companies launched multiple real estate projects under the ‘Earth’ brand across Delhi-NCR and Lucknow. Major projects include Earth Towne, Earth Sapphire Court, Earth Copia, Earth Techone, Earth Iconic, Earth Titanium, Earth Elacasa, Earth Gracia, and Earth Skygate.
The accused entities collected Rs 2,024.45 crore from more than 19,425 homebuyers and investors by promising “timely” delivery of residential and commercial units along with assured returns.