ED Launches PMLA Enquiry into ATS Group, Seeks Info from Noida Authority
The Enforcement Directorate (ED) has initiated a probe into ATS Group, a prominent real estate developer, under the Prevention of Money Laundering Act (PMLA) 2002.
PmlaAts GroupEnforcement DirectorateNoida AuthorityReal EstateReal Estate NewsJun 24, 2024
The ED's enquiry is part of a larger probe into the ATS Group's business practices, and the agency has sought information on the group's companies, including ATS Apartment, ATS Buildcon, ATS Buildline, ATS Homes, ATS Infrastructure, ATS Township, ATS Real estate, and ATS Dreamzone, among others.
Getamber Anand, Chairman of ATS Group, has denied receiving any notice from the ED regarding the investigation. However, the ED's letter dated June 21, addressed to Noida Authority CEO Lokesh M, reveals that the agency is seeking details of the allotment of land to ATS Group companies, payment delays, and discrepancies found in the execution of works.
The ED has also asked the Noida Authority to provide information on whether any cancellation of allotment of the companies occurred and whether any coercive action was taken against the allottee companies.
The Noida Authority CEO, Lokesh M, has stated that he has not received a physical copy of the letter and will check if it is in the mail or not on Monday.
Information
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and preventing money laundering in India. ATS Group is a prominent real estate developer with projects across India.
Noida Authority is a statutory body responsible for the development and management of Noida, a city in Uttar Pradesh, India. The Authority is responsible for providing infrastructure and services to the citizens of Noida.
Frequently Asked Questions
What is the purpose of the ED's enquiry into ATS Group?
The ED is investigating ATS Group for alleged violations of the Prevention of Money Laundering Act (PMLA) 2002.
How many companies are associated with ATS Group?
There are 63 companies associated with ATS Group, including ATS Apartment, ATS Buildcon, ATS Buildline, ATS Homes, ATS Infrastructure, ATS Township, ATS Real estate, and ATS Dreamzone, among others.
What information is the ED seeking from the Noida Authority?
The ED is seeking information on the allotment of land to ATS Group companies, payment delays, and discrepancies found in the execution of works.
What is the response of ATS Group Chairman Getamber Anand to the ED's enquiry?
Getamber Anand has denied receiving any notice from the ED regarding the investigation and has termed it a routine exercise.
What is the role of the Noida Authority in the ED's enquiry?
The Noida Authority is required to provide information to the ED regarding the allotment of land to ATS Group companies and any discrepancies found in the execution of works.
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