The Enforcement Directorate on Friday carried out searches at 13 locations across Delhi-NCR, Bengaluru, and Chandigarh as part of a money laundering investigation into an alleged housing loan fraud involving forged documents. Officials suspect that certain entities and individuals secured bank loans in the names of Non-Resident Indians by submitting fabricated records, later routing the borrowed capital through multiple accounts to obscure its origin. The early-morning operations, conducted under the Prevention of Money Laundering Act alongside local security forces, concentrated on premises tied to suspected participants in the financial scheme.
Scrutiny on Real Estate Entities
The probe has brought Antriksh Promoters and Developers Private Limited and Sunshine Infrawell Private Limited under regulatory scrutiny. Agency teams searched properties tied to both companies to determine their exact role in the loan application process, fund transfers, and associated irregularities. While investigators are working to ascertain whether the two firms actively participated in document fabrication or directly handled the disbursed funds, official details outlining specific charges or individual culpability remain subject to ongoing evidentiary verification.
Focus on Forged Records and Fund Diversion
Investigators are primarily examining the provenance and authenticity of the records submitted to secure the housing loans in the names of overseas nationals. Because standard mortgage approvals require strict vetting of identity, property titles, and income statements, the inquiry aims to trace how falsified paperwork bypassed scrutiny and who facilitated the submissions. Simultaneously, officials are mapping the transaction trails across various bank accounts to uncover whether layered transfers were executed to conceal the illicit origin of the funds. The total amount involved, the lending banks, and the exact volume of compromised loan files have not yet been disclosed.
Search for Primary Beneficiaries
Under statutory provisions of the anti-money laundering law, investigators are assessing seized corporate ledgers and digital records to identify the final beneficiaries and determine whether any assets qualify for provisional attachment. The inquiry is expected to review the broader commercial networks and financial intermediaries that may have assisted in securing the sanctions or moving the money. Authorities have not confirmed any formal arrests or seizures of cash and property from Friday’s operations, noting that evidentiary findings will dictate subsequent legal action.
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