ED Seeks Information from Noida Authority on ATS Group under PMLA
The Enforcement Directorate (ED) has asked the Noida Authority to provide details of 63 companies associated with ATS Group, a major real estate developer, under the Prevention of Money Laundering Act (PMLA), 2002.
PmlaEdAts GroupNoida AuthorityReal EstateReal EstateJun 24, 2024
Getamber Anand, chairman of ATS Group, has denied receiving any notice from the ED regarding the investigation, terming it a routine exercise. The ED has also sought details of payments made by the group companies and delays, as well as details of discrepancies found in the execution of works in violation of the terms of allotment, if any. Along with this, the agency has also sought details regarding whether cancellation of the allotment of the companies occurred and any other coercive action taken against the allottee companies.
Frequently Asked Questions
What is the PMLA?
The Prevention of Money Laundering Act (PMLA) is a law enacted in 2002 to prevent money laundering and terrorist financing.
What is the ED?
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and preventing money laundering and terrorist financing.
What is the ATS Group?
ATS Group is a major real estate developer in India, with multiple projects in Noida and other cities.
What is the Noida Authority?
The Noida Authority is a government agency responsible for the development and administration of Noida, a city in Uttar Pradesh, India.
What is the purpose of the ED's enquiry into ATS Group?
The ED's enquiry into ATS Group is aimed at investigating any possible violations of the PMLA, 2002, and ensuring that the company has complied with all relevant laws and regulations.
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