• Regulatory
• 1 min read

ED raids 13 places across Delhi-NCR, Bengaluru, Chandigarh in fraudulent NRI housing loan case

The Enforcement Directorate conducted searches at 13 properties associated with a major money laundering case. Focused on fraudulent housing loans secured with forged documents for Non-Resident Indians, the investigation involves entities such as Antriksh Promoters and Developers Pvt Ltd and Sunshine Infrawell Pvt Ltd. The collection of evidence aims to uncover financial irregularities, potentially leading to the seizure of crucial documents and digital assets.

The search operation began early in the morning in close coordination with police and other security forces under the Prevention of Money Laundering Act (PMLA), covering the premises of suspects linked to the case.

The entities covered in the search operation are Antriksh Promoters and Developers Pvt Ltd and Sunshine Infrawell Pvt Ltd, the officials said.

As per the officials privy to the development, the operation is aimed at gathering evidence related to the suspected financial irregularities and tracing the money linked to the alleged offence.

The investigation relates to alleged fraud involving housing loans intended for Non-Resident Indians (NRIs), with forged documents allegedly used to obtain the loans.

The federal agency is investigating the alleged role of the entities involved in the money laundering as well as the amount of the suspected fraud.

In the search operation, the ED can provisionally seize documents and digital evidence, among other evidence believed to be proceeds of crime, subject to the provisions of the law.