The Enforcement Directorate (ED) has initiated action by attaching immovable properties valued at Rs 129.80 crore in relation to alleged fraud targeting homebuyers and investors in Ahmedabad. This development follows a provisional attachment order issued on August 14, under Section 5(1) of the Prevention of Money Laundering Act, 2002. The properties were attached by the agency’s Ahmedabad Zonal Office.

The case involves multiple individuals, including Ronak Ravjibhai Sonani and Vipulbhai Gordhanbhai Gangani, along with entities such as the Keshav Narayan Group and others. The ED’s investigation was prompted by several First Information Reports (FIRs) filed with various police stations, including DCB, Satellite, Navrangpura, and Bopal in Ahmedabad.

Chargesheets have also been submitted against the accused individuals for various offences under the Bharatiya Nyaya Sanhita, 2023. The ED has disclosed that the accused allegedly deceived everyday homebuyers, small investors, and traders by presenting their real estate schemes as legitimate ventures.

Details of Allegations Against Accused

The ED investigation revealed that the accused individuals attracted buyers by advertising attractive pre-launch prices for flats and commercial spaces, along with promises of assured returns ranging between 54 per cent and 100 per cent. However, the projects were promoted without obtaining necessary approvals, such as Non-Agricultural (NA) permission and registration under the Real Estate (Regulation and Development) Act.

In the Chharodi scheme, approximately 250 buyers invested their money, while in the Akshar Anant scheme, over 44 investors were involved. Promises of delivered flats and shops were unmet, and no refunds were issued to the buyers, as stated by the ED.

According to the agency, the accused systematically induced buyers through misleading promises, collected funds, diverted these funds, and attempted to conceal acquired properties. In the Chharodi project, buyers were informed that the necessary RERA registration and NA permission were “under process” while the land designated for the project was sold to other parties, leaving the investors without recourse.

Provisional Attachment of Properties

The attached properties include three parcels of land located at Chharodi, Shela, Jesangpura, and Agol, covering a total area of 30,798 square metres, 7,284 square metres, and 6,603.332 square metres, respectively, with an aggregate worth of Rs 129.80 crore. This provisional attachment is aimed at preventing further transactions, sales, or concealments of these properties.

The ED states that the measure is necessary to safeguard the interests of defrauded buyers and investors. Furthermore, it may facilitate possible restitution for those affected under the provisions of the Prevention of Money Laundering Act.

In light of this situation, the ED has advised homebuyers and investors to verify the registration with the Real Estate Regulatory Authority (RERA), along with obtaining statutory approvals and examining title documents before making any payments. They are urged to be cautious of properties that may be mortgaged or in dispute and to advocate for formal agreements rather than relying on informal assurances.

The agency has warned that any promises of unusually high returns, buybacks, or substantial discounts should raise red flags. It also encourages reporting any suspicious activities, including refusal to provide documents or requests for cash, to relevant law enforcement agencies and RERA.

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