ED Seizes ₹1.95 Crore in Cash Linked to Nagpur Property Fraud
The Enforcement Directorate's investigation into a Nagpur builder reveals a ₹9.4 crore fraud involving an elderly woman.
ED seized ₹1.95 crore in cash and froze bank accounts over ₹40 lakh.
An elderly widow was allegedly cheated out of ₹9.4 crore in a property deal.
Irregularities involving 22 flats in a high-rise building were also discovered.
The Enforcement Directorate (ED) has conducted a significant operation in Nagpur, seizing ₹1.95 crore in unaccounted cash linked to a builder accused of defrauding an elderly woman of approximately ₹9.4 crore. This operation, part of a broader money laundering investigation, included freezing bank accounts exceeding ₹40 lakh and identifying multiple properties believed to have been acquired through illicit means.
The investigation centers around a development agreement made between the builder and an elderly widow, wherein the builder promised her ₹1.75 crore and 14 residential flats in exchange for development rights over her land. However, the flats intended for her were allegedly sold to third parties without her consent after the builder canceled the declaration deed. Investigators claim that the builder misappropriated sale proceeds amounting to ₹8.93 crore, while an additional ₹45 lakh owed to the woman remains unpaid, culminating in a total estimated loss of ₹9.4 crore.
During the recent searches, ED officials recovered cash, various documents, and digital devices. They also identified properties linked to the alleged financial misconduct. Investigators are currently scrutinizing financial records and transactions to trace the flow of funds and ascertain whether the proceeds were utilized to acquire other assets.
In addition to the primary case, the ED uncovered irregularities involving 22 flats in a high-rise residential building, which had been mortgaged but were sold to third parties without settling outstanding debts. The unpaid dues related to these transactions have reportedly reached ₹12.84 crore, leading to proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The investigation was initiated following complaints lodged at Ajni and Rana Pratap Nagar police stations, which included allegations of cheating and dishonest transactions. The ED is actively tracing the suspected proceeds of crime and examining the builder's financial dealings. As the investigation continues, it aims to clarify the movement and potential use of the funds, highlighting the risks associated with property development agreements and the necessity for property owners to safeguard their interests.
