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The Enforcement Directorate has conducted search operations across Delhi-NCR at premises linked to Angle Infrastructure Pvt Ltd, Nauseva Buildwell LLP and a resolution professional as part of a money laundering investigation connected to the stalled Krrish Florence Estate housing project in Gurugram. The probe is based on multiple FIRs related to delayed flat delivery, alleged fund diversion and irregularities during the insolvency resolution process. Investigators have seized unexplained cash and electronic records to trace suspected financial misconduct impacting homebuyers and lenders.
The Enforcement Directorate carried out search operations at several locations in the Delhi-NCR region as part of an ongoing money laundering investigation involving Angle Infrastructure Pvt Ltd, Nauseva Buildwell LLP and a resolution professional linked to the Krrish Florence Estate project in Gurugram. The agency stated that the action was taken under the Prevention of Money Laundering Act following inputs from earlier criminal cases registered by the Gurugram Police and the Delhi Economic Offences Wing. Advertisement
During the searches, officials recovered unexplained cash and seized digital devices and documents that are now being examined for financial trails and communication records. The investigation relates to the Krrish Florence Estate residential project in Sector 70, Gurugram, where hundreds of homebuyers have been waiting for possession for more than a decade. Only a limited portion of the project was constructed, with most towers remaining incomplete despite substantial collections from buyers.
The case has its roots in allegations that project funds were diverted and that buyers were misled regarding construction progress. Due to prolonged delays, homebuyers approached the National Company Law Tribunal, leading to insolvency proceedings against the developer. The ED has alleged that during this process, there was collusion between the project promoters and the resolution professional, which compromised the interests of homebuyers and creditors.
Earlier, the agency had arrested a key promoter associated with the project after recovering digital evidence that indicated coordination with the resolution professional. Investigators have also flagged a land transaction involving around two acres of project land, which was allegedly sold through a memorandum of understanding at a value significantly lower than prevailing market rates before the insolvency process began. This transaction is being examined for possible fraudulent intent and loss to stakeholders.
The probe has further revealed allegations that some homebuyers were pressured to withdraw police complaints as a condition for moving forward with the resolution process. The ED is also examining whether confidential information related to insolvency proceedings was improperly shared, contrary to submissions made before the tribunal. The agency continues to track fund movements and assess potential bank fraud linked to loans raised for the project.
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