The Directorate of Enforcement (ED) has conducted search operations at four locations in connection with a money laundering case linked to an alleged land and real estate fraud in Ghaziabad.
The searches were carried out at the premises of office-bearers of Seva Suraksha Sahkari Awas Samiti in Ghaziabad, Noida and Delhi under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
During the searches, the agency seized incriminating documents related to the money trail, properties and the company’s financial records, among other materials.
The ED said that, according to the FIR, Sandeep Singh, Director of M/s Shrasth Propbuild Private Limited, was the principal beneficiary and key conspirator in the alleged fraud.
The agency said the accused induced members of the Samiti, who are retired officers of the Sashastra Seema Bal, by promising to construct 264 residential flats on half of the Samiti’s land in exchange for the sale or development rights over the remaining half.
The ED alleged that the accused violated the agreement and sold over 41,000 square metres of land to third parties instead of completing the promised housing project. Further investigation is underway.