New Delhi: The Enforcement Directorate (ED) on Thursday said it seized cash worth Rs 50.50 lakh, three high-end luxury vehicles and other material during search and survey operations at eight residential and business premises linked to Imperia Wishfield Pvt Ltd (IWPL), Imperia Structures Ltd (ISL), their promoter directors and the present Resolution Professional in Delhi.
The searches were conducted by the ED’s Gurugram zonal office on July 29 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The agency said digital devices and documents related to the companies’ promoters and directors were also recovered and seized during the operation.
ED Searches Eight Premises Linked to Imperia Firms
According to the ED, the searches covered eight residential and business premises associated with IWPL, ISL, their promoter directors and the present Resolution Professional.
Besides the cash and three luxury vehicles, the agency said it recovered various digital devices and documents that it described as incriminating. These included property documents relating to promoters and directors, audited financial statements, Tally data, information concerning alleged diversion of funds and details of investments made by buyers.
The searches were carried out as part of an investigation registered under the PMLA.
ECIR Registered Against Imperia Firms and Promoters
The ED said it has recorded an Enforcement Case Information Report (ECIR) under the PMLA against ISL, IWPL and their promoter directors Harpreet Singh Batra, Brajinder Singh Batra, Pradeep Sharma, Avinash Setia and others.
The federal agency said its investigation began after multiple First Information Reports (FIRs) were registered by police authorities in Haryana, Delhi and Uttar Pradesh under the Indian Penal Code, 1860.
According to the ED, the FIRs contain allegations including systemic fraud, inducement, non-delivery of real estate projects, failure to pay monthly assured returns and lease rentals, and alleged siphoning of investor funds across the Delhi-NCR region.
The agency also said it received multiple complaints from home buyers associated with the projects under investigation.
ED Alleges Diversion of Elvedor Buyers’ Funds
During its investigation, the ED said it found that IWPL allegedly diverted funds collected from buyers of the Elvedor project in Sector 37, Gurugram, towards other liabilities.
The agency further alleged that investments made by buyers were routed towards loans and advances to related and associated entities and persons.
According to the ED, IWPL began accepting bookings for the project in 2011. The agency said that even after 15 years, the company had failed to hand over possession of the units to buyers.
Assured Returns Allegedly Not Honoured
The ED also referred to other projects linked to ISL, including Imperia Mindspace in Gurugram and Imperia Business Park in Greater Noida.
According to the agency, ISL accepted advance bookings from buyers on the assurance that they would receive possession along with monthly assured returns and subsequently lease returns. The ED alleged that the company failed to fulfil those commitments.
The agency’s investigation is examining the flow of funds connected with these projects and the allegations raised by buyers.
ED Flags Multiple Bookings for Same Units
The agency further alleged that there were several instances in which bookings were accepted from multiple buyers for the same individual unit.
The ED said it also found instances where BBAs were allegedly withheld and, instead, only Memorandums of Understanding (MoUs) were executed without identifying the specific unit or setting out possession timelines.
The Elvedor project is currently under resolution proceedings, according to the agency.
ED Says About Rs 63 Crore Collected for Elvedor Project
The ED said its investigation so far has found that IWPL collected approximately Rs 63 crore from buyers of the Elvedor project.
For other projects, including Imperia Mindspace in Gurugram and Imperia Business Park in Greater Noida, the agency said the proceeds of crime are still being quantified.
The agency’s findings form part of an ongoing investigation under the PMLA. The allegations cited by the ED remain subject to the investigation and applicable legal proceedings.
Investigation Into Imperia Projects Continues
The ED’s latest searches have resulted in the seizure of cash, vehicles, digital devices and financial and property-related records. The agency is now examining the material recovered during the operation along with the financial transactions and buyer investments connected with the projects under investigation.
With the proceeds of crime in some of the projects yet to be quantified, the investigation into the alleged diversion of funds and other allegations against the companies and their promoters remains ongoing.
Source: ANI
