ED Raids NCR Real Estate Companies, Seizes Rs 31 Crore and Luxury Cars
The Enforcement Directorate (ED) has conducted raids at 14 locations in Delhi-NCR against two real estate companies accused of defrauding homebuyers of over Rs 500 crore. The agency has seized significant assets including bank deposits and luxury vehicles
Real Estate FraudEd RaidsNcr CompaniesHomebuyersLuxury CarsReal EstateDec 03, 2024
The raids were conducted at the premises of Orris Infrastructure Private Limited, its directors and promoters, Vijay Gupta and Amit Gupta, as well as Three C Shelters Private Limited and its promoters, Nirmal Singh Uppal and Vidhur Bhardwaj. Attempts to contact the companies for a response were unsuccessful.
The investigation into this real estate fraud case began with two First Information Reports (FIRs) filed by the Economic Offences Wing (EOW) of the Delhi Police. The FIRs were based on complaints from aggrieved homebuyers who alleged cheating, criminal breach of trust, and fraud. Following a thorough investigation, the EOW filed a chargesheet in court.
According to the ED, Orris Infrastructure Pvt Ltd and Three C Shelters Pvt Ltd entered into a collaboration agreement to develop a residential group housing society named Greenpolis in Sector 89 of Gurugram, Haryana. The 47-acre land, owned by the Orris Group, was granted development rights to Three C Shelters Pvt. Ltd. However, the companies and their directors are accused of hatching a criminal conspiracy to siphon off the homebuyers' hard-earned money. They failed to complete the project on time and did not deliver the residential units to the homebuyers and investors.
The scale of this fraud is estimated to be over Rs 500 crore. During the raids, the ED seized several incriminating documents related to the diversion and layering of funds, property documents, sale and registration deeds, and digital devices such as laptops and hard drives. Documents were also recovered from secret lockers in the office premises of Orris Infrastructure Pvt. Ltd.
The ED has frozen fixed deposits and bank guarantees worth Rs 31.22 crore in the name of the Orris group. Additionally, bank accounts, lockers, and four luxury cars of brands like Mercedes, Porsche, and BMW were seized from the residence of one of the directors of the Orris Group.
This action by the ED is a significant step in the ongoing efforts to combat financial crimes and protect the interests of homebuyers and investors in the real estate sector. The probe is expected to continue, and further legal actions will be taken based on the findings of the investigation.
Frequently Asked Questions
What is the scale of the real estate fraud in this case?
The real estate fraud in this case is estimated to be worth over Rs 500 crore.
Which companies are involved in the fraud?
The companies involved in the fraud are Orris Infrastructure Private Limited and Three C Shelters Private Limited.
What assets were seized by the ED during the raids?
The ED seized bank deposits worth Rs 31.22 crore, bank guarantees, property documents, digital devices, and four luxury cars of brands like Mercedes, Porsche, and BMW.
How did the investigation begin?
The investigation began with two First Information Reports (FIRs) filed by the Economic Offences Wing (EOW) of the Delhi Police based on complaints from homebuyers.
What is the name of the residential project in question?
The residential project in question is named Greenpolis, located in Sector 89 of Gurugram, Haryana.
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