Homebuyers 'fraud' case: ED seizes over Rs 6 crore cash during raids against Delhi realty company
New Delhi (PTI): The Enforcement Directorate (ED) has seized Rs 6.3 crore in cash and jewellery worth Rs 7.5 crore following searches against a Delhi-based real estate company accused of defrauding homebuyers and currently undergoing insolvency proceedings, officials said on Saturday.
The action under the Prevention of Money Laundering Act (PMLA) was launched on Friday and 10 premises of former directors, promoters and associated entities of the company -- Earth Infrastructures Ltd. (EIL) -- in Delhi and Gurugram were covered.
The company, according to official records, has been undergoing a corporate insolvency resolution process (CIRP) since June 2018.
According to the ED officials, the money laundering case against the former directors and promoters of the company was initiated after taking cognisance of five Delhi Police (Economic Offences Wing) FIRs, apart from a complaint filed by the Serious Fraud Investigation Office (SFIO), the investigation arm of the Ministry of Corporate Affairs.
The ED seized Rs 6.3 crore in cash and jewellery valued at Rs 7.5 crore, besides some silver bullion and luxury watches during the searches, the officials said.
The group and its associated companies launched multiple real estate projects under the 'Earth' brand across Delhi-NCR and Lucknow. Their major projects include Earth Towne, Earth Sapphire Court, Earth Copia, Earth Techone, Earth Iconic, Earth Titanium, Earth Elacasa, Earth Gracia and Earth Skygate.
The accused entities collected Rs 2,024.45 crore from more than 19,425 homebuyers and investors by promising "timely" delivery of residential and commercial units along with assured returns, the ED said.
However, despite collecting "huge" advances, projects were either not completed or buyers were not given possession. The funds were diverted for the acquisition of land in Gurugram, Delhi and Rajasthan or routed to shell companies, the agency claimed.
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Stalin accuses Centre of trying to use women's quota as 'weapon,' slams EPS over delimitation
Chennai (PTI): Tamil Nadu Chief Minister MK Stalin has strongly criticised the Centre over the women's reservation and accused it of trying to use it as a "weapon" to tackle the opposition before taking up the delimitation exercise based on population.
"The Union government is not concerned about implementing reservations for women. If their concerns were genuine, they could have done it right away. Rather than doing that, the BJP-led Centre is thinking of using it as a weapon to tackle opposition and take up the delimitation exercise based on population," he told PTI in an interview.
"Hence, the women's reservation must be implemented immediately without showing delimitation as a reason," the DMK president added.
Expressing apprehensions on the proposed delimitation exercise, the CM said it was the DMK that raised the first voice asserting the rights of the state after realising that Tamil Nadu would be affected by the proposed exercise. He also attacked his rival and AIADMK chief Edappadi K Palaniswami over the delimitation issue.
Recalling efforts made by the DMK to raise the issue of population-based delimitation, he said an all-party meeting and a meeting of CMs under the auspices of the Joint Action Committee seeking fair delimitation were convened. It sought to freeze delimitation for 25 years and stick to it based on the 1971 Census population.
"We urged the union government that states which successfully implemented population control programmes must not be punished," he added.
The party came up with "Tamil Nadu poradum, Tamil Nadu vellum" (Tamil Nadu will struggle, Tamil Nadu will win) and this is DMK's stand, he said.
"However, Palaniswami, who is seeking votes for the entry of the BJP through the backdoor, has till date been mute over delimitation, and this is a betrayal of the people of Tamil Nadu."
