ED Raids Seize Rs 31 Crore and Luxury Cars in NCR Real Estate Fraud

The Enforcement Directorate (ED) has seized deposits worth over Rs 31 crore and luxury cars in raids against two NCR-based real estate companies accused of defrauding homebuyers to the tune of Rs 500 crore.

Real Estate FraudEnforcement DirectorateNcrHomebuyersSearches And SeizuresReal Estate NewsDec 03, 2024

ED Raids Seize Rs 31 Crore and Luxury Cars in NCR Real Estate Fraud
Real Estate News:The Enforcement Directorate (ED) conducted searches at 14 locations in Delhi-NCR on November 25, seizing deposits worth more than Rs 31 crore and several luxury cars. The raids were carried out against two NCR-based real estate groups, Orris Infrastructure Private Limited and Three C Shelters Private Limited, who are alleged to have duped homebuyers to the tune of Rs 500 crore.The investigation stems from two FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police based on complaints from homebuyers. The EOW filed a chargesheet before a court, following its investigation. The FIRs allege that the accused companies and individuals engaged in cheating, criminal breach of trust, and fraud.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 at Sector 89 of Gurugram in Haryana. The 47-acre land was owned by the Orris Group, and the development rights were granted to Three C Shelters Pvt Ltd. It is alleged that the companies and their directors hatched a 'criminal conspiracy' and 'siphoned off' homebuyers' money by not completing the project within the stipulated time and failing to deliver the residential units to the homebuyers and investors.The ED has 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 kept in the office premises of Orris Infrastructure Pvt Ltd.Fixed deposits and bank guarantees of Rs 31.22 crore in the name of the Orris Group have been frozen. 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.Attempts to contact the two companies did not materialize. The ED continues its investigation into the real estate fraud, which is estimated to be worth more than Rs 500 crore.

Frequently Asked Questions

What is the amount of money seized by the ED in the recent raids?

The ED seized deposits worth more than Rs 31 crore in the recent raids against NCR-based real estate companies.

Which two real estate companies were targeted in the ED raids?

The ED raids targeted Orris Infrastructure Private Limited and Three C Shelters Private Limited.

What is the estimated value of the real estate fraud?

The real estate fraud involving the two NCR-based companies is estimated to be worth more than Rs 500 crore.

Why did the ED launch the investigation against these companies?

The ED launched the investigation based on two FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police, following complaints from homebuyers.

What types of documents and items were seized during the raids?

The ED seized incriminating documents related to fund diversion, property documents, sale and registration deeds, digital devices, fixed deposits, bank guarantees, and luxury cars.

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