New Delhi, [India], March 11 : The Enforcement Directorate (ED) on Wednesday said it has attached immovable properties valued at Rs 313.12 crore as part of its ongoing investigation into Ansal Properties and Infrastructure Ltd (APIL) and its promoters for their involvement in criminal activities, including financial misappropriation and fraudulent diversion of funds collected from homebuyers.
The attached properties consist of residential land parcels spanning 9.08 hectares, located in Uttar Pradesh's Agra. These properties are held in the name of the associated companies of APIL. ED's Lucknow zonal office attached these properties under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
ED initiated the investigation based on 278 FIRs registered against APIL and its Directors for committing offences such as criminal breach of trust, criminal conspiracy, and forgery, as outlined under various Sections of IPC, 1860.
"The investigation primarily focuses on the Sushant Golf City project in Lucknow. These FIRs highlight non-delivery of flats and diversion of funds collected from homebuyers for the project," said the ED in a statement.
ED investigation revealed that customer advances totalling Rs 1,234.92 crore were collected under the guise of projects at Sushant Golf City, Lucknow. "However, only Rs 921.80 crore was utilised in the creation of the Lucknow project assets, while the remaining Rs 313.12 crore was diverted to non-project-related activities and dissipated."
As the direct Proceeds of Crime are no longer available, the ED said, it has provisionally attached alternative immovable properties located in Agra, as equivalent value.
ED said this action was taken to protect the interests of innocent homebuyers and prevent disruption to the occupied projects.