ED Attaches Properties Worth Rs. 87.64 Crore in Real Estate Scam Involving Gupta Builders
(Judicial Quest News Network)
Chandigarh, January,30,2025. The Directorate of Enforcement (ED), Chandigarh Zonal Office, has provisionally attached immovable properties valued at Rs. 87.64 crore under the Prevention of Money Laundering Act (PMLA), 2002, belonging to M/s. Gupta Builders and Promoters Pvt. Ltd. (GBPPL). The attached assets include incomplete flats, shops, and villas at GBP Camellia in Aujla, Kharar (SAS Nagar, Mohali).
ED’s investigation was triggered by FIRs filed by the Chandigarh and Punjab Police against the directors of GBPPL—Satish Kumar, Raman Gupta, Pardeep Kumar, Vinod Kumar, and Anupam Gupta. The company collected a staggering Rs. 478 crore from unsuspecting buyers, promising delivery of flats, plots, and commercial spaces, but failed to fulfill the commitments or refund the money.
As part of the probe, ED also carried out searches under PMLA, 2002, across various premises linked to the accused entities. The directors of GBPPL evaded cooperation with the ED’s investigation, leading the Hon’ble Special Court (PMLA), Chandigarh, to declare Satish Kumar, Pardeep Kumar, Vinod Kumar, and Raman Gupta as “Proclaimed Offenders” on August 1, 2023.
In a significant development, the ED identified and attached additional properties worth Rs. 305.51 crore, purchased with the proceeds of crime in the names of GBPPL and its affiliates. These properties are located in Zirakpur and Mohali, Punjab.
On November 21, 2023, a Prosecution Complaint was filed under PMLA against the accused before the Hon’ble Special Court (PMLA), Chandigarh. The court has taken cognizance of the complaint, and further investigation is underway.
