Under the Prevention of Money-laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has temporarily attached real estate worth Rs. 157.7 crore that belonged to M/s. Gupta Builders and Promoters Pvt. Ltd. (M/s. GBPPL), its directors Satish Gupta and Pardeep Gupta, and their associates. There are both business and residential areas in the linked properties.
Based on FIRs filed by the Chandigarh and Punjab Police against the real estate business M/s. Gupta Builders and Promoters Pvt. Ltd., its Directors, and others, the ED opened a money-laundering investigation.
According to an investigation, the business collected a total of Rs. 478 Crore from customers. By promising to supply apartments, plots, or business premises, they tricked the naïve customers. However, neither the projects nor their customers’ money were delivered by them.
The ED investigation further revealed that the Directors of M/s. GBPPL stole funds obtained from house purchasers in collusion with other people. This money was used to invest in various immovable properties after being used to fund a network of fraudulent activities, and it is now temporarily attached.
Prior to that, the ED had attached properties after conducting searches at various locations where the people involved in this case were located and seizing various incriminating documents and movable assets. The case has a total attachment of Rs. 305 crore. The probe is being expanded upon.
