The Enforcement Directorate (ED) on Thursday raided the residence and farmhouse of former Haryana minister Gopal Kanda in Gurugram as part of a money laundering investigation linked to an alleged real estate fraud worth Rs 248 crore.
The searches were linked to a case against realty company Vatika Limited, which allegedly induced investors in commercial projects on assurances of timely possession, assured returns, lease rentals and execution of sale deeds.
The four projects under investigation involved the collection of approximately Rs 248.46 crore from 661 investors, without handing over possession or executing the promised sale deeds to date.
Based on the financial trail and suspected diversion of home buyers' funds, the probe agency searched the home, farmhouse and office of Kanda in Gurugram.
It is suspected that diverted funds were subsequently transferred to various companies linked to Gopal Kanda, officials said.
Last month, the ED had searched seven residential and business premises of Vatika Limited in the Delhi-NCR region and seized three high-end luxury vehicles and jewellery and froze bank accounts/securities worth nearly Rs 33 crore.
The ED's Gurugram Zonal Office conducted search operations on August 25 against the company and its officials in a money laundering matter linked to alleged fraudulent inducement, non-delivery of residential plots, and other related offences.
The ED had earlier recorded an Enforcement Case Information Report (ECIR) under the PMLA, 2002, against Vatika Limited, its promoter-directors, namely Anil Bhalla, Gautam Bhalla and Gaurav Bhalla, and others.
The probe so far has 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 the allotment and sale of residential plots. Still, a significant portion of the promised plots was not delivered even after multiple deadlines lapsed, the ED said.
Against Rs 260.30 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 probe agency said.
The investigation has also revealed the involvement of various land-owning/group entities and key persons associated with the Vatika Group. In the same project, the accused also sold 14 plots to third parties without taking due consent from the victim company.
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