3 hrs ago
ED Raids Gopal Kanda Premises in Rs 248-Crore Fraud Case
The Enforcement Directorate searched places connected to former minister Gopal Kanda.
The searches are part of an investigation into a real estate company called Vatika Limited.
Investigators say the company collected about Rs 248 crore from 661 investors.
Buyers were promised plots, possession and other benefits.
Many buyers allegedly did not receive the plots or sale deeds they were promised.
The agency suspects some of the money was moved to companies linked to Kanda.
Earlier, investigators also searched Vatika offices and homes.
They seized vehicles and jewellery and froze some bank accounts and securities.
The Enforcement Directorate raided former Haryana minister Gopal Kanda’s residence and farmhouse in Gurugram.
The searches relate to an alleged Rs 248.46-crore real estate fraud involving 661 investors.
Investigators allege Vatika Limited promised possession, assured returns, lease rentals and sale deeds but failed to deliver.
The ED said funds from home buyers may have been diverted to companies linked to Kanda.
Earlier searches of Vatika premises resulted in seized luxury vehicles and jewellery, along with frozen assets worth nearly Rs 33 crore.
- Who
- The Enforcement Directorate, former Haryana minister Gopal Kanda, Vatika Limited and its promoter-directors are involved in the investigation.
- What
- The ED raided premises linked to Kanda in a money laundering case tied to alleged real estate fraud worth about Rs 248.46 crore.
- Where
- Kanda’s residence and farmhouse in Gurugram were searched, while earlier searches covered Delhi-NCR premises.
- When
- The raids took place on Thursday; the article also refers to earlier searches conducted on August 25.
- Why
- The ED is investigating alleged diversion of home buyers’ funds after investors reportedly did not receive promised plots, possession or sale deeds.
Enforcement Directorate’s Allegations
Investigative Status
Investor funds
Enforcement Directorate’s Allegations
The ED alleges that Vatika Limited collected money for plots and projects without delivering a significant portion of what was promised.
Investigative Status
The information provided does not include a response from Vatika Limited, Gopal Kanda or the other named individuals to these allegations.
Fund transfers
Enforcement Directorate’s Allegations
The agency suspects that diverted home buyers’ funds were transferred to companies linked to Gopal Kanda.
Investigative Status
The article describes this as a suspicion under investigation and does not report a final judicial finding.
Plot transactions
Enforcement Directorate’s Allegations
The ED says 14 plots were sold to third parties without the required consent from a victim company.
Investigative Status
No explanation from the accused parties about these transactions is included in the article.
Key facts
- Alleged funds collected
- Approximately Rs 248.46 crore
- Investors involved
- 661 investors
- Company under investigation
- Vatika Limited
- Projects named
- Vatika India Next and Vatika India Next-2
- Earlier assets frozen
- Nearly Rs 33 crore in bank accounts and securities
- Plots delivered
- Approximately Rs 120 crore worth of plots, against Rs 260.30 crore received between 2010 and 2012
- Legal framework
- An Enforcement Case Information Report was recorded under the Prevention of Money Laundering Act, 2002
Sources
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