New Delhi [India], July 30 (ANI): The Enforcement Directorate (ED) on Thursday said it has seized cash amounting to Rs 50.50 lakh and three high-end luxury vehicles during search and survey operations conducted at eight residential and business premises of Imperia Wishfield Pvt Ltd, Imperia Structures Ltd, their promoter directors and present resolution Professional in Delhi.
Various digital devices and incriminating documents like property documents related to promoters and directors of IWPL and ISL, audited financials, Tally data, details of diversion of funds, details of all the funds invested by the buyers were also recovered and seized during the searches ED’s Gurugram zonal office carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on July 29.
ED has recorded an Enforcement Case Information Report (ECIR) under the PMLA, 2002, against ISL, IWPL, and their promoter Directors, Harpreet Singh Batra, Brajinder Singh Batra, Pradeep Sharma, Avinash Setia and others.
The federal agency initiated an investigation on the basis of multiple First Information Reports (FIRs) registered under Indian Penal Code, 1860 by Police authorities of Haryana, Delhi and Uttar Pradesh against the directors and promoters of IWPL and ISL, alleging systemic fraud, inducement, non-delivery of real estate projects, defaulting in paying monthly assured returns and lease rentals and siphoning of investor funds across the Delhi-NCR region.
ED has also received multiple complaints from the home buyers of the projects under investigation.
During the investigation, ED said in a statement that it has been revealed that “IWPL has diverted funds collected from the buyers of the project Elvedor in Gurugram, Sector 37 to create its other liabilities and also found to be routing these gullible buyers’ investments towards loans and advances to its related and associated entities and persons.”
“IWPL started collecting bookings from the buyers since 2011, and even after 15 years, the company failed to hand over the possession of the units to the buyers. ISL accepted advance bookings from several buyers of Imperia Mindspace, Gurugram and Imperia Business Park, Greater Noida, on the pretext of giving them possession along with Assured Returns monthly and thereafter lease returns, but failed to abide by its own commitments,” said the ED.
Also, the ED further stated that there are several instances wherein bookings were accepted from multiple buyers for the same individual unit while intentionally withholding BBAs and instead executed only MoUs without unit identification and possession timelines. Presently, the Elvedor project is under resolution proceedings.
“Investigation findings so far reveal that IWPL had collected approximately Rs 63 Crore from the buyers of the Elvedor project.
With respect to other projects such as Mindspace, Gurugram and Imperia Business Park, Greater Noida, proceeds of Crime are being quantified,” mentioned the ED. (ANI)
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