The Enforcement Directorate conducted searches at 14 locations in and around Delhi in connection with an alleged ₹500-crore real estate fraud case involving two private companies and officials associated with them, the agency said on Tuesday.
The searches were conducted on November 25 against Orris Infrastructure Private Ltd.;its directors and promoters Vijay Gupta and Amit Gupta; Three C Shelters Private Ltd., its promoters and directors Nirmal Singh Uppal and Vidhur Bhardwaj; and others.
Fixed deposits and bank guarantees amounting to ₹31.22 crore in the name of Orris group of companies has been frozen and seized. Bank accounts and lockers belonging to the promoters have also been frozen and four luxury cars impounded from the residence of one of the officials of Orris group, the ED said.
The agency said its investigation was based on two first information reports registered by the Economic Offences Wing of the Delhi Police following complaints from homebuyers and investors. A chargesheet was also filed by the police in one case.
The ED said there were several allegations of cheating, criminal breach of trust, and fraud against the accused companies and persons raised by hundreds of homebuyers. “The FIRs alleged that Orris Infrastructure Private Limited and Three C Shelters Private Limited entered into a collaboration agreement to develop a residential group housing society named Greenpolis situated at Sector 89, Gurugram (Haryana) on about 47-acre land parcel owned by Orris Group, whereas the development rights for the said residential society were granted to Three C Shelters Private Limited,” it said.
However, it is alleged that Orris Infrastructure and Three C Shelters, through their promoters and directors, siphoned off the money of home buyers by not completing the project within the stipulated time and “there was non-delivery of residential units to the home buyers and investors”, the agency said.
During the searches, the ED also seized documents related to alleged diversion and layering of funds, property papers, and details of other assets linked to the entities concerned such as sale deeds and registration deeds, besides digital devices.
