ED Seizes Rs 31 Crore and Luxury Cars in NCR Real Estate Fraud Raids
The Enforcement Directorate (ED) has seized deposits worth over Rs 31 crore and luxury cars in raids against two NCR-based real estate companies, Orris Infrastructure and Three C Shelters, accused of duping homebuyers to the tune of Rs 500 crore.
Real Estate FraudEd RaidsHomebuyersNcrGreenpolisReal Estate MaharashtraDec 03, 2024
The raids targeted 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. Despite attempts, the companies did not respond to the ED's inquiries.
The investigation, which is centered on a massive real estate fraud, stems from 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. The EOW subsequently filed a chargesheet before a court, leading to the ED's intervention.
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, Haryana. The 47-acre land for the project was owned by the Orris Group, and the development rights were granted to Three C Shelters Pvt Ltd.
The allegations against the companies and their directors are severe. They are accused of hatching a criminal conspiracy to siphon off homebuyers' money. The project, which was initially promised to be completed within a stipulated time, saw significant delays, and the residential units were not delivered to the homebuyers and investors. This real estate fraud is estimated to be worth more than Rs 500 crore.
During the raids, the ED seized several incriminating documents, including those related to the diversion and layering of funds, property documents, sale and registration deeds, and digital devices such as laptops and hard drives. The probe agency also recovered documents from secret lockers maintained 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 from the Mercedes, Porsche, and BMW brands were seized from the residence of one of the directors of the Orris Group.
The Enforcement Directorate is a premier financial intelligence and investigation agency in India. It is responsible for enforcing economic laws and fighting economic crimes, including money laundering and fraud. The recent raids and seizures are part of the ED's ongoing efforts to ensure justice for the homebuyers and investors who have been victims of this large-scale real estate fraud.
Frequently Asked Questions
What is the total amount of money involved in the real estate fraud?
The real estate fraud is estimated to be worth more than Rs 500 crore.
Which companies are involved in the real estate fraud?
The companies involved in the real estate fraud are Orris Infrastructure Private Limited and Three C Shelters Private Limited.
What significant assets were seized by the ED during the raids?
The ED seized deposits worth over Rs 31 crore, several luxury cars, and incriminating documents during the raids.
What was the project name for which the companies were accused of fraud?
The project name for which the companies were accused of fraud is Greenpolis, located in Sector 89 of Gurugram, Haryana.
Who filed the FIRs that led to the ED's investigation?
The FIRs that led to the ED's investigation were filed by the Economic Offences Wing (EOW) of the Delhi Police based on complaints from homebuyers.
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