The Enforcement Directorate (ED) has attached assets worth ₹140 crore linked to Earth Infrastructure Ltd, its subsidiaries, promoters, family members, and associated entities as part of a money laundering probe into alleged fraud involving ₹2,004 crore. The investigation targets the company and individuals including Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta, and Vikas Gupta, according to livemint.com.
The ED's Delhi Zonal Office-II attached immovable properties connected to the accused parties after probing allegations that Earth Infrastructure and related entities collected ₹2,004 crore from over 19,425 homebuyers and investors. The company promised timely delivery of residential and commercial units with assured returns but failed to complete several projects or hand over possession. The agency found that funds were diverted through group companies and individuals. The probe followed five FIRs filed by the Economic Offences Wing of Delhi Police against the company and its directors under Indian Penal Code provisions.
This case highlights ongoing challenges in India's real estate sector, where delayed projects and financial irregularities have affected thousands of homebuyers. The scale of the alleged fraud, involving over ₹2,000 crore and nearly 20,000 investors, underscores the risks in property investments. The ED's action is part of broader efforts to clamp down on financial crimes linked to real estate developers. Comparable cases have prompted regulatory scrutiny and calls for stronger consumer protections in the housing market.
The ED's attachment of ₹140 crore in assets represents a significant step in the investigation, aiming to recover diverted funds and provide relief to affected investors. The agency's probe continues, with further legal proceedings expected as authorities seek to resolve the multi-crore fraud allegations against Earth Infrastructure Ltd and its promoters.