ED Seizes Rs 31 Crore and Luxury Cars in Raids on NCR Real Estate Companies

The Enforcement Directorate (ED) has conducted raids on two NCR-based real estate companies, seizing bank deposits worth over Rs 31 crore and luxury cars. The companies are accused of defrauding homebuyers to the tune of Rs 500 crore.

EdNcrReal EstateFraudHomebuyersReal EstateDec 03, 2024

ED Seizes Rs 31 Crore and Luxury Cars in Raids on NCR Real Estate Companies
Real Estate:New Delhi, Dec 3 (PTI) The Enforcement Directorate (ED) has carried out raids against two NCR-based real estate groups, seizing deposits worth more than Rs 31 crore and several luxury cars. The raids are part of an investigation into allegations that the companies duped homebuyers to the tune of Rs 500 crore.The searches were launched on November 25 at 14 different locations in the Delhi-NCR region. The premises of Orris Infrastructure Private Limited and its directors, including Vijay Gupta and Amit Gupta, were searched, along with another company, Three C Shelters Private Limited, and its promoters, Nirmal Singh Uppal and Vidhur Bhardwaj.Attempts to contact the two companies for comment did not materialize. The money laundering investigation is based on two FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police against the accused, following complaints from homebuyers. The EOW has since filed a chargesheet before a court.Several allegations of cheating, criminal breach of trust, and fraud have been leveled against the accused companies and individuals. According to the ED, the Police FIRs stated that Orris Infrastructure Pvt Ltd and Three C Shelters Pvt Ltd entered into a collaboration agreement to develop a residential group housing society named Greenpolis in Sector 89 of Gurugram, Haryana, on a 47-acre land owned by the Orris Group. The development rights for this residential society were granted to Three C Shelters Pvt Ltd.It is alleged that the two companies and their directors conspired to siphon off the homebuyers' hard-earned money by failing to complete the project within the agreed timeframe and not delivering the residential units to the homebuyers and investors. This real estate fraud is estimated to be worth over Rs 500 crore.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 found in the office premises of Orris Infrastructure Pvt Ltd.Fixed deposits and bank guarantees totaling 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.

Frequently Asked Questions

What are the two real estate companies that were raided by the ED?

The two real estate companies that were raided by the ED are Orris Infrastructure Private Limited and Three C Shelters Private Limited.

How much money and assets were seized in the raids?

The ED seized deposits worth more than Rs 31 crore and several luxury cars, including brands like Mercedes, Porsche, and BMW.

What is the main reason for the raids on these real estate companies?

The main reason for the raids is the investigation into allegations that these companies defrauded homebuyers to the tune of Rs 500 crore.

Where were the raids conducted?

The raids were conducted at 14 different locations in the Delhi-NCR region, including the premises of the two real estate companies and their directors.

What is the name of the residential project involved in this fraud?

The residential project involved in this fraud is named Greenpolis, located in Sector 89 of Gurugram, Haryana.

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