ED Uncovers ₹1.95 Crore Cash in Nagpur Builder Fraud Case
The Enforcement Directorate seizes substantial cash and assets linked to a ₹9.4 crore fraud involving an elderly victim.
ED seized ₹1.95 crore in cash during raids on a Nagpur builder.
The fraud involved an elderly woman who lost ₹9.4 crore in a property deal.
Investigations revealed additional irregularities related to 22 mortgaged flats.
In a significant crackdown, the Enforcement Directorate (ED) has seized ₹1.95 crore in unaccounted cash during searches at two locations associated with a Nagpur-based builder. This action is part of an ongoing investigation into a money laundering case involving a senior citizen who was defrauded of ₹9.4 crore. The raids took place last week in Nagpur district, highlighting the agency's commitment to tackling financial crimes.
The investigation centers around a development agreement made between the builder and an elderly woman, who, after losing her husband, was promised ₹1.75 crore and 14 residential flats in exchange for her land's development rights. However, the ED alleges that the promised flats were sold to third parties without the woman's knowledge or consent after the cancellation of the declaration deed. This led to a misappropriation of sale proceeds amounting to ₹8.93 crore, with an additional ₹45 lakh still owed to her, culminating in a total financial loss of approximately ₹9.4 crore.
In addition to the cash seizure, the ED has frozen bank accounts exceeding ₹40 lakh and recovered incriminating documents and digital devices during the raids. The agency also identified several properties believed to have been acquired using the proceeds of crime. Furthermore, the investigation has revealed alleged irregularities involving 22 flats in a high-rise, which were reportedly mortgaged but sold to third parties without settling outstanding liabilities, amounting to ₹12.84 crore.
The money laundering investigation was initiated following FIRs filed at Ajni and Rana Pratap Nagar police stations, citing cheating and inducing delivery of property under false pretenses. The ED's efforts aim to trace the alleged proceeds of crime and scrutinize the financial transactions linked to this case. The recent seizures and freezing of assets have expanded the investigation's scope, allowing the agency to delve deeper into the financial trail and the potential misuse of the funds.
Looking ahead, the ED plans to continue its investigation into the builder's financial activities and the broader implications of this case on real estate practices in Nagpur. The agency is expected to conduct further inquiries and possibly take legal action against those involved in the fraudulent activities, emphasizing the importance of protecting vulnerable individuals from financial exploitation.
