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The Enforcement Directorate (ED) has carried out search operations at multiple premises linked to Gurugram-based real estate group 32nd Avenue in connection with an alleged investor fraud estimated at around INR 500 crore. The action, undertaken in the past week, covered seven locations across Delhi-NCR and Goa as part of a money laundering probe initiated under the Prevention of Money Laundering Act (PMLA). The investigation stems from multiple FIRs registered by the Haryana Police following complaints from investors who alleged financial irregularities and misrepresentation. Authorities indicated that promoter-directors of the group are either absconding or in judicial custody. The probe is focused on tracing the flow of funds and identifying assets potentially linked to the alleged fraud, reflecting continued enforcement scrutiny in high-value real estate transactions.
The Enforcement Directorate (ED) conducted search operations in the past week at premises linked to Gurugram-based real estate group 32nd Avenue as part of an ongoing investigation into an alleged INR 500 crore fraud involving investors, with the action covering multiple locations across Delhi-NCR and Goa. Advertisement
According to officials, the agency carried out raids at seven premises associated with the group, initiating action under the Prevention of Money Laundering Act (PMLA). The investigation has been triggered by multiple First Information Reports (FIRs) filed by the Haryana Police, following complaints from investors who alleged that they had been misled and financially defrauded.
Preliminary findings suggest that the case involves alleged irregularities in investment-linked transactions, with the total quantum of suspected fraud estimated at over INR 500 crore. Enforcement officials indicated that the probe is focused on examining the financial trail, including the movement and utilisation of funds, as well as identifying assets that may be subject to attachment under applicable provisions.
Authorities further stated that the promoter-directors of the group are either absconding or currently in judicial custody, indicating the advanced stage of investigation at the enforcement and law enforcement levels. The company or its representatives could not be reached for comment at the time of reporting.
The 32nd Avenue group operates across key real estate markets including Delhi-NCR and Goa, and the current action forms part of a broader investigation into alleged investor fraud linked to its projects. The case is being examined for potential elements of fund diversion, misrepresentation, and money laundering through associated entities.
The enforcement action reflects a continued regulatory focus on financial irregularities within the real estate sector, particularly in cases involving investor funding and commercial property transactions. Investigations of this nature typically involve scrutiny of project-level cash flows, investor agreements, and the utilisation of collected funds in relation to committed developments.
From a regulatory standpoint, such cases highlight persistent challenges related to transparency and accountability in real estate investments, especially in projects where multiple investors are involved. The involvement of central enforcement agencies underscores the seriousness of allegations and the scale of financial exposure under review.
The ED is expected to continue its investigation by analysing financial records, examining associated entities, and tracing assets linked to the alleged fraud. Further action, including provisional attachment of properties or filing of prosecution complaints, may follow depending on the outcome of the probe.
The development adds to a series of enforcement actions in recent months targeting financial irregularities in real estate transactions, as authorities intensify oversight of high-value investments and funding structures within the sector.
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