The Enforcement Directorate’s investigation into an alleged housing loan fraud involving Non-Resident Indians has created significant ripples across the Noida real estate market, with the probe widening from two builder groups to four. The central agency is probing allegations that residential loans were secured from banks through forged documents in the names of overseas Indians and the disbursed capital was layered through different corporate entities. The action commenced on October 23 with searches across 13 premises in Delhi-NCR, Bengaluru, and Chandigarh. In Noida, searches at properties connected to two developers continued for two days before federal investigators expanded the inquiry. The names of Antriksh Promoters and Developers Private Limited and Sunshine Infravel Private Limited have surfaced in connection with the case.
Alleged Misuse of NRI Documents May Lead to Money Laundering Charges
Under existing banking guidelines, Non-Resident Indians are entitled to obtain housing credit to purchase residential properties across India. However, investigators suspect that individuals manipulated residency records, identity credentials, and financial papers to secure home loans illicitly. The Enforcement Directorate is now examining the specific paperwork submitted to financial institutions, the bank accounts that received the loan amounts, and the entities that handled the applications. If authorities confirm that the loan funds were acquired through deliberate deceit and subsequently masked or transferred as legitimate revenue, the case could warrant prosecution under the Prevention of Money Laundering Act. At present, the agency is actively evaluating financial records to determine the exact role of each corporate entity and developer.
Search Operations Expand Across Multiple Builder Premises in Noida
Although the initial operations were limited to two real estate firms, the scope of the investigation has broadened to encompass four developers. Official details regarding the entire list of entities under scrutiny remain restricted. As part of the ongoing coordinated action, the Enforcement Directorate and the Income Tax Department carried out a joint search at a property linked to builder Harendra Yadav, situated in Tower K of Pearl Gateway Society in Sector 44, Noida. Investigators are focusing heavily on fund transfers between interconnected enterprises, tracing transaction pathways, and establishing the final recipients of the borrowed money. Agency officials noted that the searches are intended to secure documentary evidence and verify whether loan proceeds were diverted from their sanctioned purposes.
Scrutiny Mounts on Developers Previously Accused of Homebuyer Fraud
The builders now under federal focus have previously encountered legal action over allegations of financial misconduct and cheating flat purchasers. Noida Police arrested Harendra Yadav in September 2024 following complaints of alleged fraud involving funds collected from housing society residents on the pretext of electricity bills and maintenance charges. Furthermore, in July 2026, the Economic Offences Wing of the Delhi Police registered a first information report against eight individuals, including a developer associated with the Sunshine Group, over the alleged deception of homebuyers amounting to crores of rupees. The ongoing loan fraud inquiry presents fresh legal hurdles for the groups as enforcement authorities continue cross-referencing bank statements, corporate structures, and loan documentation.
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