The Enforcement Directorate (ED) has intensified its investigation into an alleged large-scale real estate fraud in the Delhi-NCR region by conducting searches at eight residential and commercial premises linked to Imperia Wishfield, Imperia Structures, their promoter-directors and a resolution professional. The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) as part of an ongoing probe into allegations of financial irregularities, diversion of investors’ funds and failure to deliver promised housing projects.
According to the ED, the money laundering investigation originates from multiple FIRs registered in Haryana, Delhi and Uttar Pradesh. The complaints accuse the companies of inducing homebuyers to invest in residential and commercial projects by promising timely possession, assured returns and lease rentals, but allegedly failing to fulfill those commitments. Investigators are also examining allegations that funds collected from buyers were diverted for purposes unrelated to the projects for which they had been raised.
The agency alleged that Imperia Wishfield began accepting bookings for its Elvedor residential project in Gurugram’s Sector 37 in 2011. However, despite the passage of nearly 15 years, many buyers have reportedly not received possession of their apartments. The ED suspects that instead of being utilized for construction and project completion, a significant portion of the funds collected from homebuyers was allegedly diverted to meet other liabilities and routed as loans and advances to related entities and individuals.
Investigators have also raised concerns regarding projects developed by Imperia Structures, including Imperia Mindspace in Gurugram and Imperia Business Park in Greater Noida. According to the agency, the company accepted advance bookings after promising possession within stipulated timelines along with assured monthly returns. However, buyers allegedly neither received possession nor the promised financial returns. The ED is examining allegations that, in certain instances, the same commercial unit may have been sold to multiple buyers. It is also investigating claims that, instead of executing standard buyer-builder agreements specifying unit numbers and delivery schedules, the company entered into Memorandums of Understanding (MoUs) lacking clear project and possession details.
The agency further stated that the Elvedor project is presently undergoing insolvency resolution proceedings. Preliminary findings indicate that approximately ₹63 crore was collected from buyers for the project. Meanwhile, investigators are still assessing the alleged proceeds of crime linked to the Mindspace and Business Park developments, with the financial impact yet to be fully quantified.
During the coordinated search operations, ED officials recovered and seized a range of material considered relevant to the investigation. These include digital devices, property-related documents, audited financial statements, Tally accounting data, records allegedly reflecting diversion of funds, buyer investment details, cash amounting to ₹50.5 lakh, and three luxury vehicles. The seized electronic records are expected to undergo forensic examination to trace financial transactions, identify beneficiaries and establish the movement of funds across associated entities.
Financial crime experts note that real estate fraud investigations often require detailed forensic analysis of accounting records, banking transactions and digital evidence because alleged diversion of funds may involve multiple companies, layered financial transfers and interconnected business entities. Investigators are expected to reconstruct the money trail to determine whether homebuyers’ investments were siphoned off or utilized for purposes unrelated to the promised projects.
The ED has indicated that the investigation remains at an active stage. Officials are examining corporate records, financial transactions, project accounts and communications between the companies and associated entities to identify the extent of the alleged irregularities. Statements of key individuals connected with the projects may also be recorded as part of the inquiry. The agency has emphasized that further action will depend on the evidence collected during the investigation, while the allegations remain subject to judicial scrutiny and the accused entities and individuals retain the legal right to present their defence before the appropriate authorities and courts.
