The Enforcement Directorate on Thursday conducted searches at the Gurugram residence, farmhouse and office linked to former Haryana minister Gopal Kanda as part of an investigation into an alleged real estate fraud and money laundering case.
According to officials, the investigation is connected to real estate company Vatika Limited and focuses on funds collected from investors across four commercial projects. The ED is examining how the money was used and whether funds were allegedly diverted to other companies or accounts.
Four Commercial Projects Under Probe
According to the investigation, Vatika Limited allegedly attracted investors to commercial real estate projects with assurances of timely possession, assured returns and lease rentals.
The company had also allegedly promised to execute sale deeds in favour of investors.
However, several investors allegedly did not receive possession of their properties, while the promised sale deeds were also not executed.
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₹248.46 Crore Collected From 661 Investors
Four projects of the company are under investigation.
According to the ED, ₹248.46 crore was allegedly collected from 661 investors across these projects.
The agency is examining how the money was collected and utilised and whether any portion of the investors’ funds was allegedly diverted for purposes other than those for which it was collected.
ED Examines Alleged Fund Diversion
Officials suspect that funds were allegedly misappropriated from the real estate company and subsequently transferred to various companies linked to the former minister.
The searches at different premises in Gurugram were conducted as part of efforts to trace the suspected movement of funds.
Investigators are attempting to establish the complete money trail, including the source of the funds and their eventual destination.
Financial Records Under Examination
During the searches, the ED is examining documents concerning financial transactions, transfers between companies and records related to the real estate projects.
Bank accounts of the companies concerned and transactions between them are also part of the investigation.
The agency is examining the accounts into which investors’ money was deposited and how those funds were subsequently utilised.
Case Being Probed Under PMLA
The investigation is being conducted under the Prevention of Money Laundering Act.
The agency is examining the source of the allegedly illicit funds, transactions through which the money was transferred and the entities involved in its movement.
Investigators are specifically looking into alleged links between money collected through the real estate projects and subsequent financial transfers.
Investor Complaints Form Key Part of Probe
Allegations that investors did not receive possession of properties or execution of promised sale deeds form an important part of the investigation into Vatika Limited’s projects.
The ED is examining whether funds collected for the projects were used for their stated purposes.
Investigators are also looking into the alleged transfer of money to other companies and how those funds were ultimately utilised.
Searches Mark Further Step in Investigation
The searches at premises linked to the former minister mark a further step in the investigation into the alleged financial transactions.
A search operation by itself does not establish criminal liability against an individual or company. The roles of the persons and entities under investigation will depend on the evidence gathered by the agency and any subsequent legal proceedings.
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