Lucknow, June 27 (IANS) The Enforcement Directorate (ED) seized several incriminating documents during searches at four locations to builder Sandeep Singh, and office bearers of Seva Suraksha Sahkari Awas Samiti in Ghaziabad, Noida and Delhi, an official said on Saturday.
The ED’s Lucknow Zonal Office, carried out search operations under the provisions of Prevention of Money Laundering Act (PMLA), 2002, for money laundering related to land and real estate fraud in Ghaziabad, the ED said in a statement.
The ED initiated an investigation on the basis of three FIRs registered by the Uttar Pradesh Police for offences punishable under various Sections of IPC, 1860, which are scheduled offences under the PMLA, 2002.
As per the FIRs, Sandeep Singh (Director of Shrasth Propbuild) was the principal beneficiary and key conspirator in the fraud, the ED said.
“He (Sandeep Singh) induced the Samiti’s members, who are retired officers of the Sashastra Seema Bal, by promising them 264 residential flats on half of the land of Samiti, in exchange for selling or development rights over the remaining half,” the ED said.
“The FIRs revealed that although the Samiti members were promised construction and delivery of residential flats within the stipulated period, or payment of monthly rent in case of delay, the project was not completed as promised,” the central probe agency added.
“Instead, Sandeep Singh abused the agreement and sold half of the portion of land admeasuring 41,544 square metres to third parties, without completion of flats for the Samiti members, securing wrongful gains and depriving the members of their rightful entitlement,” the ED said.
The ED is investigating the generation, concealment, possession, acquisition and utilisation of the proceeds of crime arising out of the scheduled offences, including the trail of funds and assets acquired therefrom.
During the searches, several incriminating documents regarding the money trail, properties, financial statements of the company were seized under the provisions of PMLA, 2002.
–IANS
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