Enforcement Directorate Raids Delhi Real Estate Firm Over ₹2,024 Crore Fraud
ED raids Delhi-based realtor’s offices, associate firms in Delhi, Gurugram
Hindustan Times
Image: Hindustan Times
The Enforcement Directorate (ED) conducted raids on the offices of Earth Infrastructures Limited (EIL) in New Delhi and Gurugram, India, following allegations of fraud involving ₹2,024.45 crore collected from over 19,000 homebuyers. The agency recovered ₹6.3 crore in cash and luxury items during the operation.
- 01ED raided Earth Infrastructures Limited (EIL) for fraud involving ₹2,024.45 crore.
- 02The firm is accused of failing to deliver residential and commercial units to over 19,000 investors.
- 03Raids took place at 10 locations in New Delhi and Gurugram.
- 04₹6.3 crore in cash and ₹7.5 crore in luxury items were seized.
- 05Prominent figures involved include directors Avdhesh Kumar Goel and Rajnish Mittal.
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The Enforcement Directorate (ED) has launched a probe into Earth Infrastructures Limited (EIL), a real estate firm based in New Delhi, India, accused of defrauding 19,425 homebuyers out of ₹2,024.45 crore (approximately $245 million USD). The agency conducted searches at 10 locations in New Delhi and Gurugram, resulting in the seizure of ₹6.3 crore (about $760,000 USD) in cash and luxury items valued at ₹7.5 crore (approximately $900,000 USD). EIL has been undergoing a corporate insolvency resolution process since 2018. The investigation stems from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police, citing charges of cheating and conspiracy against the firm and its directors, including Avdhesh Kumar Goel and Rajnish Mittal. The ED's findings indicate that funds were diverted for personal land deals and salaries to family members, among other illicit activities.
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The investigation may lead to significant financial repercussions for homebuyers who invested in EIL's projects, as many have not received the properties they paid for.
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