The Enforcement Directorate's recent warning against fraudulent real estate practices has found support among property professionals, legal experts and homebuyer groups in Odisha, where concerns around project delays, regulatory compliance and misleading property offers have increased scrutiny of the sector. 
The advisory comes after the ED's investigation into an alleged real estate fraud in Ahmedabad involving Ronak Ravjibhai Sonani, Vipulbhai Gordhanbhai Gangani, Keshav Narayan Group and others. On August 14, the agency provisionally attached immovable properties valued at 129.80 crore under the Prevention of Money Laundering Act, 2002. 
According to the ED, its investigation followed five FIRs registered with police stations in Ahmedabad. The agency alleged that ordinary homebuyers, small investors, traders and middle-class families were induced to invest in real estate schemes that were presented as genuine projects. 
The investigation found that flats and shops were allegedly offered at attractive pre-launch prices, accompanied by assured-return promises ranging between 54% and 100%. The ED said some of the projects were marketed without mandatory approvals, including non-agricultural permissions and RERA registration. 
In one project at Chharodi, the agency said money was collected from around 250 buyers and investors. Another project at Shela, identified as Akshar Anant, allegedly involved more than 44 buyers and investors. According to the investigation, the promised properties were not delivered and the money collected was not returned. 
The ED alleged that the schemes followed a planned pattern in which prospective buyers were attracted through project representations, funds were collected and properties acquired with the money were subsequently transferred. The agency also alleged that certain transactions involving project land were structured through dummy sale deeds and fictitious payment details to make them appear legitimate. 
The properties provisionally attached by the agency include land measuring 6,603.332 square metres at Chharodi, 7,284 square metres at Shela and 30,798 square metres at Jesangpura and Agol in Kadi taluka. The attachment is intended to prevent further sale, transfer or concealment of the identified assets while the investigation and subsequent proceedings continue. 
The ED's action has also given renewed relevance to its guidance for property purchasers. The agency has advised prospective buyers to verify RERA registration, statutory approvals, title documents, land records and encumbrance details before making payments. 
It has further cautioned buyers against relying solely on oral assurances, booking forms, notarised documents or statements made by brokers. Buyers have been advised to insist on properly executed agreements for sale or sale deeds and independently examine whether a property is mortgaged or involved in a dispute. 
The agency has identified unusually high return promises, guaranteed buyback arrangements and unusually large discounts as potential warning signs. Refusal by a developer to provide documents, demands for cash payments, repeated delays in executing registered documents and failure to return money have also been highlighted as circumstances that warrant caution. 
The advisory has particular relevance for Odisha's expanding property market, especially the Bhubaneswar-Cuttack region, where rising housing demand has been accompanied by a growing pipeline of residential and commercial developments. Industry representatives have viewed stronger buyer awareness as an important complement to regulatory oversight. 
For homebuyers, the broader message is that regulatory verification should precede financial commitment. Checking a project's RERA registration and approvals can help establish whether the development has the necessary legal foundation, while title and encumbrance checks can reveal ownership or financial claims affecting the property. 
The ED has said that further investigation in the Ahmedabad case is continuing. The provisional attachment does not by itself conclude the proceedings, but preserves identified assets while the agency pursues the matter and potential restitution to legitimate claimants. 
The development has therefore brought buyer due diligence back into focus, with Odisha's real estate stakeholders backing greater awareness of the checks that should be completed before purchasing a home or investing in a property scheme. 
Source- Enforcement Directoriate