The Enforcement Directorate (ED) has announced the attachment of immovable properties valued at Rs 313.12 crore as part of a money laundering investigation involving Ansal Properties and Infrastructure Ltd (APIL) and its promoters. This action is a response to alleged involvement in financial misappropriation and the fraudulent diversion of funds obtained from homebuyers. The properties in question are residential land parcels totaling 9.08 hectares, situated in Agra, Uttar Pradesh, and are registered under associated companies of APIL.

Investigation Triggered by Multiple FIRs

According to the ED, the assets were attached by their Lucknow zonal office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The investigation commenced following the registration of 278 FIRs against APIL and its directors. The charges encompass various serious offences, including criminal breach of trust, conspiracy, and forgery, as outlined in different sections of the Indian Penal Code (IPC) of 1860.

Focus on Sushant Golf City Project

The ED’s investigation is primarily centered around the Sushant Golf City project located in Lucknow. The FIRs detail allegations pertaining to the non-delivery of flats and the diversion of funds, which were supposed to be utilized for this project. The agency indicated that customer advances amounting to Rs 1,234.92 crore were collected under the premise of various projects at Sushant Golf City.

Discrepancies in Fund Allocation

In its findings, the ED disclosed that out of the total customer advances, only Rs 921.80 crore was actually used for the development of assets related to the Lucknow project. The remaining Rs 313.12 crore was reportedly diverted to activities not related to the project, leading to significant financial discrepancies. As the direct proceeds of crime are no longer available, the ED has provisionally attached alternative immovable properties in Agra, equivalent in value to protect the interests of innocent homebuyers and ensure that occupied projects are not disrupted.

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