The Enforcement Directorate (ED) on Tuesday seized immovable properties belonging to the Gupta Builders and Promoters Pvt. Ltd. (GBP Group), as part of an ongoing investigation into allegations of fraud and money laundering. The properties, including four plots in Aerotropolis City, Sector 66, Mohali, were confiscated following an order from the special ED court in Chandigarh.
The ED’s investigation, which falls under the Prevention of Money Laundering Act (PMLA), was initiated after multiple First Information Reports (FIRs) were lodged by local law enforcement agencies. The FIRs, registered under sections 120B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code (IPC), alleged that GBP Group and its directors had defrauded numerous homebuyers and investors by collecting substantial sums of money for various residential and commercial projects under false promises of assured returns.
According to the ED, the investigation uncovered that M/s. Gupta Builders and Promoters Pvt. Ltd. (GBPPL) had lured customers with lucrative offers for properties that either did not exist or were grossly misrepresented. The buyers, who had invested their hard-earned money, were left in the lurch when the promises made by the company failed to materialize.
As the investigation progressed, the ED identified several movable and immovable assets linked to GBP Group and its directors. This led to the issuance of two Provisional Attachment Orders against the company. The first order, dated September 20, 2022, involved the attachment of properties worth ₹147.81 crore. A second order, issued on April 27, 2023, attached additional properties valued at ₹157.70 crore.
The ED subsequently filed a prosecution complaint before the Special Court, PMLA, in Chandigarh against the company and its directors—Satish Kumar, Pardeep Kumar, Raman Gupta, and Vinod Gupta. The court took cognizance of the complaint on February 23 and issued summons to all the accused, marking a significant step in the legal proceedings against the alleged fraudsters.
The confiscation of the properties is seen as a crucial move in the ED’s efforts to recover the defrauded funds and deliver justice to the affected homebuyers. The agency continues to probe the financial dealings of GBP Group and its directors, with further legal action anticipated as the investigation unfolds. This case highlights the ongoing crackdown on real estate fraud in India, as authorities strive to protect consumers and maintain the integrity of the real estate market.
