New Delhi: The Enforcement Directorate (ED) has conducted extensive search operations in connection with a money laundering case involving Earth Infrastructures Ltd (EIL) and its group entities, leading to the seizure of large amounts of cash, jewellery, bullion, and luxury watches.
The searches were carried out on April 10 by the ED’s Delhi Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. A total of 10 premises in Delhi and Gurugram, linked to the directors, promoters, and associated entities of the Earth Group, were covered during the operation.
During the raids, officials seized cash amounting to approximately Rs 6.3 crore, jewellery worth around Rs 7.5 crore, along with silver bullion and several high-end luxury watches.
The investigation stems from five FIRs registered by the Economic Offences Wing (EOW) of the Delhi Police against Earth Infrastructures Ltd, its directors, and related entities under various sections of the IPC, including cheating, criminal breach of trust, and conspiracy.
Additionally, the Serious Fraud Investigation Office (SFIO) has filed a criminal complaint under Section 447 of the Companies Act against the company’s promoters and directors.
According to the ED, the Earth Group launched multiple real estate projects under the “Earth” brand across Delhi-NCR, Gurugram, Greater Noida, and Lucknow. Key projects include Earth Towne, Earth Sapphire Court, Earth Copia, Earth Techone, Earth Iconic, Earth Titanium, Earth Elacasa, Earth Gracia, and Earth Skygate.
Investigations revealed that the company collected approximately Rs 2,024.45 crore from over 19,425 homebuyers and investors by promising the timely delivery of residential and commercial units along with assured returns.
However, despite receiving substantial funds, several projects were either left incomplete or possession was not handed over.
The ED further found that the funds were allegedly diverted for acquiring land in Gurugram, Delhi, and Rajasthan in the names of group companies and family members, routing money through shell entities, financing personal land deals, and extending advances to unrelated firms.
Funds were also reportedly used to pay salaries to family members without active roles and dissipated through the sale of properties.
Key individuals named in the case include Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta, and Vikas Gupta.
Investigation has also revealed diversion of proceeds of crime through group entities such as Lavender Infratech Pvt Ltd, Dhurav Real Estate Developers Pvt Ltd, Murlidhar Infracon Pvt Ltd, Banke Bihari Farming Pvt Ltd, Julian Infracon Pvt Ltd and others for acquisition and dissipation of immovable properties.
Further investigation is in progress.
(IANS)
