New Delhi: The ED arrested four top officials of Earth Infrastructures in an alleged fraud involving Rs 2,004 crore collected from more than 19,425 homebuyers, an official said on Tuesday.
The Enforcement Directorate (ED), Delhi Zonal Office, arrested Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta and Vikas Gupta, promoters/directors of Earth Infrastructures Ltd (EIL), on Monday, said an ED statement.
The four were arrested under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the investigation against Earth Infrastructures and its group entities, the statement said.
The accused were later produced before the Special Court (PMLA), Delhi, which granted their custody to the ED for five days.
The ED initiated an investigation into the matter based on five FIRs registered by the Economic Offences Wing (EOW), Delhi Police, against Earth Infrastructures, its directors and related entities under various sections of the Indian Penal Code.
Further, the Serious Fraud Investigation Office (SFIO) also filed a criminal complaint under Section 447 of the Companies Act against the Promoters/Directors of the Earth Group.
The group collected approximately Rs 2,004 crore from more than 19,425 homebuyers and investors by promising timely delivery of residential/commercial units and assured returns, the ED said.
The investigation revealed that nearly Rs 467 crore was diverted/siphoned off through various group entities and related concerns/persons. However, 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 ED said.
Investigation has further revealed that a part of the Proceeds of Crime generated from the scheduled offences was utilised for the acquisition of movable and immovable assets in the names of various entities and individuals connected with the Promoters/Directors of the group, the ED said.
Earlier, the ED had conducted searches in April 2026 under the provisions of PMLA at various premises linked to the Earth Group located in Delhi-NCR, resulting in the seizure of cash amounting to Rs 6.30 crore, jewellery valued at Rs 8.78 crore, and property documents relating to more than 100 immovable properties having an estimated value exceeding Rs 100 crore.
(IANS)
