New Delhi [India], August 19 (ANI): The Enforcement Directorate (ED) has attached properties worth Rs 71.60 crore of the Gurugram-based 32nd Avenue Group in a Rs 500 crore ponzi scheme defrauding investors.
ED initiated an investigation based on multiple First Information Reports (FIRs) registered by Delhi Police and Gurugram Police against the group, its promoter-directors Anubhav Sharma, Dhruv Sharma and others, for offences including cheating, criminal breach of trust, forgery and conspiracy.
ED's headquarters office attached the assets under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
ED said its investigation has revealed an "organised and systematic modus operandi" in which investors were induced to purchase commercial units in lieu of assured long-term leases, fixed rental income, buy-back arrangements and periodic increase of returns.
In several cases, the federal agency said, possession was not handed over or was subsequently taken back. "The same commercial spaces were allegedly sold or leased to multiple persons, including after alteration of unit numbers, areas and layouts."
"Original units were subdivided into smaller units and forged and fabricated sale and conveyance documents were used to transfer such units to third parties. To sustain the deception, rental payments were initially made for a limited period and were thereafter stopped, while control over the properties was retained," said the agency.
ED investigation further revealed instances of TDS being deducted from rental payments but not deposited with the Income Tax Department.
"Funds collected from investors were routed and layered through a network of more than 50 companies and LLPs, many of which were found at common or non-functional addresses and were apparently used for routing and layering of funds. The investigation has also traced utilisation of funds received from sale of properties at 32nd Avenue and related projects for acquisition of properties in Goa and Maharashtra.
"76 immovable properties were attached, including commercial units in Gurugram, as well as land/property in Goa and Maharashtra. 38 movable properties were attached, which include balances in multiple bank accounts and an inland vessel," said the agency.
Earlier, ED had conducted search operations on April 13 and April 14 at seven premises across Delhi-NCR, Goa, Jaipur and Mumbai linked to the 32nd Avenue Group.
Key accused Anubhav Sharma, Dhruv Sharma, Mamta Sharma and Shirin Sharma are presently in judicial custody in the predicate case. (ANI)
ED attaches properties worth Rs 71.60-cr in 32nd Avenue Group money laundering case
