ED Raids Bengaluru Builder Over Alleged Money Laundering
The Enforcement Directorate (ED) conducted searches at 10 locations linked to a builder firm in Bengaluru and Mumbai over money laundering accusations. The case involves incomplete projects and financial irregularities, with buyers allegedly misled through fraudulent schemes, leading to significant financial losses for customers.
- Country:
- India
On Friday, the Enforcement Directorate (ED) launched a series of searches at 10 locations associated with a builder group in Bengaluru and Mumbai, officials confirmed. The operation, carried out by the Bengaluru zonal office, falls under Section 17 of the Prevention of Money Laundering Act (PMLA) and remains ongoing.
The builder group is under investigation concerning money laundering allegations linked to its project in Devanahalli Taluk, Bengaluru. Originally scheduled for completion in 2018, only 49% of the integrated township project has been finished as of 2024. The company is accused of failing to complete the project or provide refunds to buyers.
Allegations also suggest that the company's management deceived customers through false promises, including covering EMIs for loans taken by buyers, and offering significant discounts for upfront payments. The builder purportedly engaged in schemes like buybacks, misleading hundreds of crores from buyers, and has multiple FIRs filed against it, prompting ED' investigation under PMLA.
(With inputs from agencies.)
- READ MORE ON:
- ED
- raids
- Bengaluru
- Builder
- Money Laundering
- Project Delay
- Fraud
- Schemes
- PMLA
- Investigation
ALSO READ
Court Orders Auction of Ex-MLA's Properties in Panvel Bank Fraud Case
Former UCO Bank CMD Subodh Kumar Goel Charged in Multi-Crore Fraud
Siddaramaiah echoes Rahul’s views on ‘electoral fraud’, ‘voter list manipulation’
Identity Fraud and Forced Conversion: Arrest Made in Bijnor
Anticipatory Bail Granted in Rs 95 Crore Cyber Fraud Case
Google News