The Enforcement Directorate (ED) has arrested Rajpal Walia, director of Pushpanjali Realms and Infratech Limited, under the Prevention of Money Laundering Act (PMLA) for cheating flat buyers in Dehradun. The ED's intervention stemmed from an FIR filed against the company for fraudulent activities. The investigation revealed the diversion of advance payments from flat buyers for other purposes, totalling Rs 31.15 crore. The ED has attached the proceeds of the crime in the form of immovable properties. This action underscores the authorities' commitment to justice, emphasising the need for due diligence in real estate transactions.
In a significant development, the Directorate of Enforcement (ED) has taken decisive action against fraudulent activities in the real estate sector. Rajpal Walia, the director of Pushpanjali Realms and Infratech Limited, has been arrested under the Prevention of Money Laundering Act (PMLA), 2002, on charges of cheating and duping flat buyers in Dehradun. The Special Court PMLA, Dehradun, has granted ED custody for five days until October 23, 2023, allowing thorough investigation into the case.
The ED's intervention in this matter stemmed from an FIR registered by Rajpur PS, Dehradun, against Pushpanjali Realms and Infratech Limited, its directors, and others, under various sections of the Indian Penal Code (IPC) for cheating and duping innocent flat buyers. The company allegedly accepted advance payments for booking flats in their construction projects but failed to deliver on their promises.
Upon investigation, the ED revealed that the booking amounts received from flat buyers were diverted by the company's directors for other purposes. They had invested the funds in purchasing properties in their names and the names of their family members. The total proceeds of the crime involved in this case amounted to Rs 31.15 crore. The ED has successfully attached the complete proceeds of crime in the form of immovable properties, which has been confirmed by the Adjudicating Authority.
This decisive action by the ED reflects a commitment to upholding justice and ensuring that individuals and entities involved in fraudulent practices face legal consequences. Such measures are crucial to protect the rights and interests of innocent buyers who invest their hard-earned money in real estate projects with the expectation of a secure and trustworthy transaction.
As the investigation progresses, it reaffirms the commitment of law enforcement agencies to curb financial crimes and create a secure environment for real estate investments. The outcomes of this case will likely serve as a deterrent to individuals and entities engaging in fraudulent practices within the real estate industry, promoting transparency and integrity in property transactions.
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