New Delhi, The Enforcement Directorate has arrested four promoters of a real estate group in connection with a money laundering probe into an alleged ₹2,004-crore homebuyer fraud that affected more than 19,000 buyers and investors.
The accused Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta and Vikas Gupta are promoters/directors of Earth Infrastructures Ltd. They were arrested on June 1 under the Prevention of Money Laundering Act, an official statement said on Tuesday.
According to the federal agency, the group collected around ₹2,004 crore from more than 19,425 homebuyers and investors by promising timely delivery of residential and commercial units and assured returns.
Despite receipt of substantial funds from the buyers/investors, the projects were either left incomplete or possession of units was not handed over, thereby causing wrongful loss to the homebuyers and investors.
The probe further revealed that a part of the alleged proceeds of crime was used for acquisition of movable and immovable assets in the names of various entities and individuals connected with the promoters and directors of the group.
