ED Cracks Down on Real Estate Bigwigs in Rs 1,000 Crore Fraud Case
The Enforcement Directorate arrested three former directors of Universal Buildwell Private Limited for a Rs 1,000 crore money laundering scheme. The directors, who were absconding for over seven years, defrauded homebuyers and financial institutions. Only a fraction of raised funds was used for construction projects in Gurugram and Faridabad.
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- India
The Enforcement Directorate (ED) of Gurugram has arrested three former directors of Universal Buildwell Private Limited in a massive Rs 1,000 crore money laundering operation. The directors had evaded court summons for over seven years before being apprehended by Delhi Police, according to an ED statement.
Universal Buildwell, a real estate firm, is known for projects such as Universal Trade Tower and Universal Business Park. It was placed under Corporate Insolvency Resolution Process in 2018. The directors are accused of defrauding homebuyers with false promises and cheating financial institutions.
The directors raised over Rs 1,000 crore through multiple real estate projects. However, only a small amount was used for actual construction, officials allege. They are charged with criminal misappropriation, cheating, and forgery, and are currently under interrogation.
(With inputs from agencies.)
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