ED Strikes Hard: Rs. 45.49 Crore Worth Properties Attached in Money-Laundering Probe Against TDI Group
(Judicial Quest News Network)
7, June 2024 New Delhi: In a significant move, the Directorate of Enforcement (ED), Gurugram Zonal Office, has taken decisive action by provisionally attaching properties valued at Rs. 45.49 Crore under the Prevention of Money-Laundering Act (PMLA), 2002. These properties, including a Club, Vacant land, and bank accounts, belong to M/s TDI Infrastructure Limited (TDI group) and associated entities.
This action follows ED’s initiation of an investigation triggered by multiple FIRs registered at various Police Stations, including EOW, Delhi, under various sections of IPC, 1860. The focus of the investigation is on real estate company M/s. TDI Infrastructure Limited, its directors, key managerial persons, and others.
ED’s investigation has uncovered a pattern of deceit, wherein innocent buyers were promised delivery of flats, plots, commercial spaces, etc., yet received neither the projects nor refunds. Instead, it was revealed that company Directors, along with certain accomplices, siphoned off funds collected from buyers, diverting them to associated entities and individuals. Moreover, buyers’ funds were channelled into other companies, identified during the investigation.
As of now, the total Proceeds of Crime (PoC) identified stands at Rs. 165.69 Crore, indicating the scale of financial malpractice under scrutiny. This enforcement action underscores ED’s commitment to combatting financial fraud and protecting the interests of innocent investors.
