ED Seizes Luxury Cars, FDs in Raids Against Orris Group Over ₹500 Crore Real Estate Fraud
The Enforcement Directorate (ED) has seized luxury cars, fixed deposits, and bank guarantees worth ₹31.22 crore from the Orris group in connection with an alleged real estate fraud of over ₹500 crore.
EdReal Estate FraudLuxury CarsFixed DepositsBank GuaranteesReal Estate NewsDec 03, 2024
The four luxury cars seized from one of the Orris group's directors and promoters' home included prestigious models such as Mercedes, Porsche, and BMW. Additionally, several documents were confiscated from the office premises of Orris Infrastructure Pvt Ltd. The seized FDs and BGs, amounting to ₹31.22 crore, were in the name of the Orris group of companies and have been frozen.
Bank accounts and lockers of the company's promoters have also been frozen, further tightening the noose around the accused. These actions were taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated its probe based on two FIRs registered by the Delhi Police's Economic Offences Wing (EOW). These FIRs were filed on the basis of complaints from aggrieved homebuyers and investors. The EOW eventually filed a chargesheet in the case, leading to the recent raids.
The Case Against Orris Group
According to the ED, multiple allegations of cheating, criminal breach of trust, and fraud have been leveled against the accused companies and individuals. The case revolves around the collaboration between Orris Infrastructure Private Limited and Three C Shelters Private Limited to develop a residential group housing project named Greenpolis in Gurugram's Sector 89, Haryana. Greenpolis is based on a 47-acre land parcel owned by the Orris Group.
The development rights for the project were granted to Three C Shelters Private Limited. However, it is alleged that the promoters and directors of Orris Infrastructure Private Limited, in collusion with the promoters and directors of Three C Shelters Private Limited, conspired to siphon off the hard-earned money of homebuyers. They failed to complete the project within the stipulated time and did not deliver the residential units to the homebuyers and investors.
During the search operations, the ED recovered and seized several incriminating documents related to fund diversion, layering of finances, property ownership, and assets of the companies. These documents included sale deeds, registration deeds, and various electronic devices like laptops and hard drives.
Orris Group A Brief Overview
Orris Infrastructure Private Limited is a prominent real estate developer based in Gurugram, known for its ambitious projects. The company is led by its directors and promoters, Vijay Gupta and Amit Gupta. Three C Shelters Private Limited, another key player in this case, is also based in Gurugram and is led by its promoters and directors, Nirmal Singh Uppal and Vidhur Bhardwaj.
The Greenpolis project was one of their most ambitious ventures, promising high-quality residential units to hundreds of homebuyers. However, the project fell through, leading to significant financial losses for the investors and homebuyers involved.
Impact and Future Actions
The actions taken by the ED are expected to provide some relief to the affected homebuyers and investors. The seizure of assets and freezing of bank accounts will help in the recovery of funds and could lead to further legal actions against the accused. The ED is expected to continue its investigations to bring all those involved to justice.
Conclusion
The raids and seizures by the ED against the Orris group highlight the ongoing efforts to combat financial fraud in the real estate sector. It sends a strong message to developers and companies engaged in unethical practices, reinforcing the commitment to protecting the interests of homebuyers and investors.
Frequently Asked Questions
What is the total amount of luxury cars, fixed deposits, and bank guarantees seized by the ED?
The ED seized luxury cars, fixed deposits, and bank guarantees worth ₹31.22 crore from the Orris group.
Where were the raids conducted by the ED?
The raids were conducted at 14 locations across Delhi-NCR on November 25.
What are the main allegations against the Orris group?
The main allegations against the Orris group include cheating, criminal breach of trust, and fraud involving hundreds of homebuyers.
What is the Greenpolis project, and what is its status?
The Greenpolis project is a residential group housing project in Gurugram's Sector 89, Haryana. It is based on a 47-acre land parcel owned by the Orris Group. The project has been halted and is alleged to have been used to siphon off funds.
Who are the key individuals involved in the case?
The key individuals involved in the case are the directors and promoters of Orris Infrastructure Private Limited, Vijay Gupta and Amit Gupta, and the promoters and directors of Three C Shelters Private Limited, Nirmal Singh Uppal and Vidhur Bhardwaj.
Related News Articles
Budget 2024: Real Estate Stocks Tumble as Government Removes Indexation Benefit for Long-Term Capital Gains
The Union Budget 2024 has proposed a major change in the tax regime for real estate developers, removing the indexation benefit for long-term capital gains.
Godrej Properties Share Price Soars: A Closer Look at the Real Estate Developer's Growth Plans
Godrej Properties has reported a remarkable four-fold year-on-year jump in sales bookings to Rs 8,637 crore in Q1. What's driving this growth, and what are the company's plans to raise funds?
India’s Top 26 Listed Realty Firms Report ₹35,000 Cr Property Sales in Q2
The Indian housing market is witnessing a significant shift as the top 26 listed realty firms have reported sales worth ₹35,000 crores in the second quarter. This surge in sales is attributed to the robust performance of companies and brands with a proven
Aadhar Housing Finance Launches IPO with Price Band of Rs 300-315 per Share
Aadhar Housing Finance, a prominent player in the mortgage market, has set the price band for its Initial Public Offering (IPO) at Rs 300-315 per share. The company offers a wide range of mortgage-related loan products, including loans for residential pro
Ananta by Avas Wellness: Transforming Alibaug's Luxury Real Estate Market
In an exclusive interview, Kilachand sheds light on the ambitious vision behind Ananta, a luxury real estate development that is set to redefine the realty landscape in Alibaug. Discover how this innovative project is poised to revolutionize the region's
SHS Chamber Seeks to Recruit Associates in Mumbai
SHS Chamber is currently on the lookout for experienced associates in both litigation and non-litigation (real estate) roles. Prospective candidates should have between 2 to 5 years of post-qualification experience and a strong background in legal draftin