1 week ago
ED Attaches Rs 71.60 Crore Assets in 32nd Avenue Case
The Enforcement Directorate is investigating a real-estate group called 32nd Avenue Group.
The agency says investors were promised rental income and other benefits when buying commercial units.
It alleges that some investors did not receive their properties.
It also says some of the same spaces were sold or leased to more than one person.
Investigators traced money through more than 50 companies and LLPs.
Some of the money was allegedly used to buy property in Goa and Maharashtra.
The ED has attached many properties and other assets worth Rs 71.60 crore.
Four people named in the case are currently in judicial custody.
The Enforcement Directorate attached assets valued at Rs 71.60 crore in a fraud investigation involving the 32nd Avenue Group.
The agency said investors were allegedly promised commercial units, assured leases, fixed rental income, buy-backs and increasing returns.
Investigators alleged that some units were not handed over, while others were sold or leased to multiple people after changes to unit details.
The ED said funds were routed through more than 50 companies and LLPs, with some proceeds used to acquire properties in Goa and Maharashtra.
The attached assets include 76 immovable properties, 38 movable properties, bank balances and an inland vessel; four named accused are in judicial custody.
- Who
- The Enforcement Directorate is investigating the 32nd Avenue Group, its promoter-directors Anubhav Sharma and Dhruv Sharma, and others.
- What
- The ED attached assets valued at Rs 71.60 crore in connection with alleged cheating, breach of trust, forgery and conspiracy.
- Where
- The investigation concerns projects in the Delhi-NCR region, with attached or acquired properties in Gurugram, Goa and Maharashtra.
- When
- The attachment was announced on Wednesday; searches had earlier taken place on April 13 and 14.
- Why
- The ED said investors were allegedly induced through promises of leases, rental income, buy-backs and increased returns, while funds were routed through multiple entities.
Key facts
- Assets attached
- Rs 71.60 crore
- Immovable properties
- 76, including commercial units in Gurugram and property in Goa and Maharashtra
- Movable properties
- 38, including bank-account balances and an inland vessel
- Companies and LLPs involved in fund routing
- More than 50
- Earlier ED searches
- Seven premises across Delhi-NCR, Goa, Jaipur and Mumbai on April 13 and 14
- People in judicial custody
- Anubhav Sharma, Dhruv Sharma, Mamta Sharma and Shirin Sharma
Sources
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