The Enforcement Directorate (ED) has connected 14 properties price ₹148 crore belonging to Gupta Builders and Promoters (GBP) Group as a part of its cash laundering investigation in opposition to the realty agency, its absconding administrators and their associates.
The connected properties embrace business areas, together with GBP Centrum in Zirakpur, private homes and agriculture land belonging to the group, its administrators Satish Gupta and Pardeep Gupta, and their associates Anupam Gupta and Navraj Mittal.
Of the 14 properties, 9 are in Mohali and Chandigarh, whereas the remainder are in Ludhiana and Patiala districts. These have been connected beneath Sub-section 1 of Part 5 of the Prevention of Cash Laundering Act (PMLA), 2002.
ED had initiated the cash laundering investigation on the idea of FIRs registered in Chandigarh and Punjab in opposition to the group and its administrators – Satish Gupta, Raman Gupta and Pardeep Gupta.
Precisely a yr in the past, the trio had fled the nation in September 2021, leaving all their workplaces in and round Mohali locked, and dashing the hopes of round 2,500 allottees who’ve invested over ₹1,500 crore within the group’s 18 business and residential tasks in Mohali.
Mentioned to have fled to Dubai after securing a enterprise visa, the administrators stay out of police attain, regardless of the flurry of complaints by buyers, who’re situated throughout Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, and even overseas.
In August this yr, ED had additionally filed a felony case in a Chandigarh courtroom after the group’s administrators failed to seem earlier than it regardless of a number of notices.
This case was filed beneath Part 174 (non-attendance in obedience to an order from a public servant) of the Indian Penal Code and PMLA.
On June 3, ED had performed searches at 19 areas in Chandigarh, Ambala, Panchkula, Mohali and Delhi as a part of its cash laundering probe. Moreover GBP Group’s workplace and residences of its administrators Satish Gupta and Pardeep Gupta, the central company had additionally raided the agency’s associates.
The raids had uncovered unaccounted money to the tune of ₹85 lakh, an Audi Q7 automotive and incriminating paperwork pertaining to the administrators’ movable and immovable properties.
Insolvency decision course of additionally underway
In August, the Chandigarh bench of the Nationwide Firm Legislation Tribunal had initiated the corporate insolvency resolution process (CIRP) in opposition to GBP Group.
A restoration mechanism, CIRP is initiated to find out whether or not the defaulting agency is able to debt reimbursement by means of analysis of its belongings and liabilities. If the agency will not be able to repaying the debt, it’s restructured or liquidated to settle the money owed owed to collectors. The necessary interval for completion of CIRP beneath the Insolvency and Chapter Code, 2016, is 330 days, together with time of appeals, keep, and so on.
Ashu Kumar, president of Residence Consumers’ and Traders’ Welfare Affiliation of GBP, stated, “The probe is far wanted, however ED should de-attach GBP Centrum in Zirakpur, as its attachment will delay the whole company insolvency decision course of initiated by the Nationwide Firm Legislation Tribunal.”
Initiatives hanging hearth
Among the many GBP Group’s 18 ongoing tasks in Mohali, Camelia, providing each residential and business models, in Kharar, and GBP Centrum (business) in Zirakpur has been beneath development since 2016.
At two different tasks – Athens (residential and business) and Aeroze (residential) – each on Airport Highway, development has remained stalled for years, and at a residential colony in New Chandigarh, the place plots have been bought, development has not even begun.
Main properties connected
– GBP Centrum, a partly developed commercial-cum-residential challenge price ₹127 crore at Singhpura village in Zirakpur
– 101 kanal agricultural land at Naugyari village, Dera Bassi, price ₹6.61 crore. It’s registered beneath the identify of Aerospace Buildcon
– 2-kanal home in Sector 8-A, Chandigarh, price ₹6.67 crore. Registered within the identify of group’s associates Navraj Mittal and Ashu Mittal
– 2-acre agricultural land in Hallomajra village, Chandigarh. Registered within the identify of M/S Kumar Builders, price ₹3.17 crore
– 17-kanal agricultural land price ₹1.19 crore at Libda village in Khanna, Ludhiana. Registered within the identify of Navraj Mittal
– 4.5-acre agricultural land price ₹40 lakh at Kahangarh village, Patran, Patiala. One other property within the identify of Navraj Mittal.