ED Seizes Rs 13.8 Crore in Cash and Jewellery from Delhi Real Estate Firm
The Enforcement Directorate (ED) has conducted raids on a debt-ridden Delhi real estate company, recovering Rs 6.30 crore in cash and jewellery worth Rs 7.50 crore. The operation was triggered by allegations that the company collected over Rs 2,024 crore from unsuspecting buyers and then failed to deliver on its promises.
PTI reported that the Enforcement Directorate conducted searches across 10 premises in Delhi and Gurugram on Friday under the Prevention of Money Laundering Act. The targets included former directors, promoters, and associated entities of Earth Infrastructures Ltd., a company already mired in insolvency proceedings since June 2018.
Beyond the cash and jewellery haul, investigators also recovered silver bullion and luxury watches during the operation. The money laundering probe was triggered by five First Information Reports filed by the Delhi Police Economic Offences Wing, as well as a separate complaint from the Serious Fraud Investigation Office (the investigation arm of the Ministry of Corporate Affairs).
At the heart of the case against Earth Infrastructures Ltd is a striking gap between what the real estate company promised the buyers and what they delivered. Earth Infrastructures and its associated companies collected Rs 2,024.45 crore from more than 19,425 homebuyers and investors, dangling assurances of timely delivery of residential and commercial units along with guaranteed returns.
Projects marketed under the 'Earth' brand spanned Delhi-NCR and Lucknow, and included Earth Towne, Earth Sapphire Court, Earth Copia, Earth Techone, Earth Iconic, Earth Titanium, Earth Elacasa, Earth Gracia, and Earth Skygate. Despite the scale of funds raised, the projects were either left incomplete or buyers were denied possession of units they had paid for.
The ED alleged that the money collected from buyers was siphoned off — routed into land acquisitions in Gurugram, Delhi, and Rajasthan, or funnelled through shell companies rather than used to complete the promised developments. The corporate insolvency resolution process against Earth Infrastructures has been underway for nearly seven years, but Friday's raids signal that investigators are now pursuing the criminal dimension of the case with fresh urgency.
