New Delhi [India], August 27 (ANI): The Enforcement Directorate (ED), Gurugram, has conducted extensive search operations under the Prevention of Money Laundering Act (PMLA), 2002, targeting seven residential and business premises linked to Vatika Limited and its promoter-directors across the Delhi-NCR region.
During the search operations on August 25, various incriminating documents and digital devices were recovered and seized. Further, three high-end luxury vehicles, jewellery and bank accounts/securities having an aggregate value of approximately Rs 33 Crore were also seized in accordance with the provisions of the PMLA, 2002, the ED said in a press release on Thursday.
“During the search operations, various incriminating documents and digital devices were recovered and seized, including property-related documents pertaining to the promoters and directors of Mis Vatika Limited, audited financial statements, Tally data, records relating to the movement/diversion of funds and details of funds received from the complainants. Further, three high-end luxury vehicles, jewellery and bank accounts/securities having an aggregate value of approximately Rs. 33 Crore were also seized/freezed in accordance with the provisions of the PMLA, 2002,” the ED said in the release posted on X.
https://x.com/dir_ed/status/2092924255508042102
As per the release, the investigation conducted so far has prima facie revealed a common pattern in transactions relating to the projects ‘Vatika India Next’ and ‘Vatika India Next-2’, wherein substantial amounts were received upfront from complainants towards allotment and sale of residential plots, but a significant portion of the promised plots were not delivered even after the lapse of multiple deadlines.
Against approximately Rs 200.30 Crore received from the victim entities between 2010 and 2012, plots worth approximately Rs 120 Crore were delivered. However, the remaining plots were not delivered even after 14 years, despite several attempts by the victim entities to obtain them, the release said. The investigation has also revealed the involvement of various land-owning/group entities and key persons associated with the Vatika Group. Further, in the same project, the accused persons have also clandestinely sold 14 plots to third parties without taking due consent from the victim company. (ANI)
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