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The Enforcement Directorate (ED) has provisionally attached immovable properties valued at INR 129.80 crore in an alleged real estate fraud involving homebuyers and investors in Ahmedabad. The action was taken by the agency’s Ahmedabad Zonal Office under Section 5(1) of the Prevention of Money Laundering Act, 2002, through an order dated August 14. The case involves Ronak Ravjibhai Sonani, Vipulbhai Gordhanbhai Gangani, Keshav Narayan Group and others. The investigation followed five FIRs registered in Ahmedabad and relates to alleged schemes that offered flats and shops at pre-launch prices and promised returns of 54–100 per cent. The ED has alleged that the projects lacked mandatory RERA registration and non-agricultural permissions, while buyers were allegedly not given the promised properties or refunds.
The Enforcement Directorate (ED) has provisionally attached immovable properties worth INR 129.80 crore in Ahmedabad in connection with an alleged real estate fraud involving homebuyers and investors, with the action taken by its Ahmedabad Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002. The attachment order was issued on August 14 against Ronak Ravjibhai Sonani, Vipulbhai Gordhanbhai Gangani, Keshav Narayan Group and others.
The investigation was initiated following five FIRs registered at the DCB, Satellite, Navrangpura and Bopal police stations in Ahmedabad. Chargesheets have also been filed against Sonani, Gangani and others under various provisions of the Bharatiya Nyaya Sanhita, 2023. According to the ED, the accused allegedly targeted ordinary homebuyers, small investors, traders and middle-class families by presenting real estate schemes as genuine projects.
The agency alleged that flats and shops were offered at attractive pre-launch prices, alongside assurances of returns ranging from 54 per cent to 100 per cent. However, the projects were allegedly marketed and sold without mandatory approvals, including non-agricultural permission and registration under the Real Estate (Regulation and Development) Act. The ED has alleged that the promised properties were not delivered and the amounts collected from buyers were not refunded.
The investigation identified two schemes in particular. The Chharodi project allegedly collected funds from around 250 buyers and investors. Buyers were reportedly informed that RERA registration and non-agricultural permission were under process. The project land was subsequently allegedly sold or transferred to Keval Mahendrabhai Patel, Ashish Vishnubhai Patel and others.
In the Akshar Anant project at Shela, more than 44 buyers and investors allegedly paid money. The ED said memoranda of understanding and similar documents were issued to make the scheme appear genuine, following which the project was shut down. The land was subsequently transferred to Purav Rameshchandra Patel, Diprajvirsinh Vikramsinh Zala, Mahendrasinh Pradhumansinh Chudasma and others.
The agency has further alleged that properties acquired from the suspected proceeds were transferred to third parties through dummy sale deeds without genuine consideration. Fictitious payment details were allegedly recorded in registered documents to make the transactions appear legitimate. The ED said the alleged method involved inducing buyers through false assurances, collecting funds, diverting the money and subsequently attempting to conceal properties acquired from those proceeds.
The attached properties comprise 6,603.332 sq m of land in Chharodi, 7,284 sq m in Shela, and 30,798 sq m of land in Jesangpura and Agol in Kadi taluka. The combined value of the properties has been assessed at INR 129.80 crore. The provisional attachment has been made under Section 5(1) of the PMLA.
The ED’s investigation remains ongoing. The attachment forms part of the agency’s proceedings concerning properties allegedly linked to the suspected proceeds of the real estate fraud, while the underlying allegations remain subject to the ongoing legal process.
Source - PTI
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