₹500 cr Gurgaon real estate ’fraud’: Mercedes, BMW cars, bank accounts of Orris Infrastructure promoters seized by ED
The ED seized documents, luxury cars, and assets worth ₹31.22 crore from Orris Infrastructure Pvt Ltd linked to a ₹500 crore real estate deal. The operation targeted multiple individuals involved in alleged fraud and breach of trust concerning a residential project in Gurugram.
The Enforcement Directorate (ED) seized several documents, luxury cars, and Fixed Deposits (FDs) and Bank Guarantees (BGs) worth ₹31.22 crore from Orris Infrastructure Pvt Ltd in a case linked to ₹500 crore real estate deal, the agency informed on Tuesday.
The FDs and BGs, held by Orris group companies, were seized and frozen. Bank accounts and lockers of the promoters have also been frozen. Four luxury cars, including Mercedes, Porsche, and BMW models, were taken from residence of one of the group's directors and promoters.
This came after search operation conducted were conducted at 14 locations across Delhi and the National Capital Region (NCR) on on November 25 under the provisions of the Prevention of Money Laundering Act (PMLA). The operation targeted Orris Infrastructure Private Limited, its directors and promoters Vijay Gupta and Amit Gupta, as well as Three C Shelters Private Limited and its promoter-directors Nirmal Singh Uppal and Vidhur Bhardwaj.
The probe started after homebuyers and investors filed FIRs against the group at the Economic Offences Wing (EOW) of Delhi Police. The FIRs claim that Orris Infrastructure Private Limited and Three C Shelters Private Limited entered into a collaboration agreement to develop a residential group housing project named Greenpolis in Sector 89, Gurugram, Haryana, on a 47-acre land parcel owned by the Orris Group. The development rights for the project were granted to Three C Shelters Private Limited.
According to the ED, the accused companies and individuals face multiple allegations of cheating, criminal breach of trust, and fraud involving hundreds of homebuyers.
"However, it is alleged that Orris Infrastructure Private Limited, through its promoters and directors, in collusion with Three C Shelters Private Limited and its promoters and directors, conspired to siphon off the hard-earned money of homebuyers by failing to complete the project within the stipulated time and by not delivering residential units to homebuyers and investors," said the ED in a statement.
During the search operations, the ED said it recovered and seized several incriminating documents related to fund diversion, layering of funds, property ownership, and asset details of the companies. These included sale deeds, registration deeds, and various digital devices such as laptops and hard drives.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsNewsIndia ₹500 cr Gurgaon real estate ’fraud’: Mercedes, BMW cars, bank accounts of Orris Infrastructure promoters seized by ED
First Published:3 Dec 2024, 07:44 PM IST
- Top Gainers
- Top Losers
- 52 Week High