The Enforcement Directorate (ED) has conducted searches at Earth Infrastructures Limited (EIL), a Delhi-based real estate firm accused of collecting ₹2024.45 crore from over 19,425 homebuyers or investors by promising timely delivery of residential or commercial units along with assured returns but failed to deliver.
During the searches at ten locations in Delhi and Gurugram linked to promoters and associates entities of EIL, the federal financial crimes probe agency recovered ₹6.3 crore in cash, jewellery valued at around ₹7.5 crore, besides silver bullion and luxury watches.
The ED's money laundering probe against EIL and its group entities stems from five FIRs registered by the Economic Offences Wing (EOW), Delhi Police, against Earth Infrastructures Ltd., its directors and related entities under various sections of Indian Penal Code for cheating, criminal breach of trust and conspiracy.
The Serious Fraud Investigation Office (SFIO) has also filed a criminal complaint under section 447 of the Companies Act against the promoters/directors of Earth Group.
