PRESS RELEASE
30.01.2025
Directorate of Enforcement (ED), Chandigarh Zonal Office has provisionally attached
immovable properties worth Rs. 87.64 Crore under the provisions of Prevention of Money-laundering
Act (PMLA), 2002 belonging to M/s. Gupta Builders and Promoters Pvt. Ltd. (M/s. GBPPL) . The
attached properties include incomplete flats, shops and villas at GBP Camellia situated at Village –
Aujla, Tehsil-Kharar, District SAS Nagar (Mohali).
ED initiated investigation on the basis of FIRs registered by Chandigarh and Punjab Poli ce
against real estate company M/s. GBPPL through its Directors namely (i) Satish Kumar, (ii) Raman
Gupta, (iii) Pardeep Kumar, (iv) Vinod Kumar and (v) Anupam Gupta.
ED investigation revealed that an aggregate amount of Rs. 478 Crore was collected by the
company from buyers. They duped the innocent buyers by promising them to deliver
flats/plots/commercial spaces. However, they neither delivered the projects nor returned their
money.
During the course of the investigation, searches under PMLA, 2002 were also conducted at
various premises of entities/ persons. Further, as the D irectors of M/s. GBPPL failed to join ED
investigation despite frequent opportunities, the Hon’ble Special Court (PMLA), Chandigarh
declared Satish Gupta, Pardeep Gupta, Vinod Gupta and Raman Gupta as “Proclaimed Offenders”
vide its order dated 01.08.2023. As a result of PMLA investigation, various movable and
immovable properties related to Proceeds of Crime worth Rs. 305.51 Crore purchased in the name
of M/s. GBPPL and other related persons were identified and attached by ED. These properties are
located in Zirakpur and Mohali, Punjab.
Earlier, Prosecution Complaint (PC) under the PMLA, 2002 on 21.11.2023 against accused
M/s. GBPPL, its Directors namely Satish Kumar, Pardeep Kumar, Raman Gupta, Vinod Gupta and
others before the Hon’ble Special Court (PMLA), Chandigarh. The Hon’ble Court, Chandigarh has
taken cognizance of the PC on 23.02.2024.
Further investigation is under progress.
Brief
On "30/01/2025", the "Enforcement Directorate (ED)" issued an update regarding "ED, Chandigarh has provisionally attached immovable properties worth Rs. 87.64 Crore in the form of incomplete flats, shops and villas at GBP Camellia situated at Village - Aujla, Tehsil-Kharar, District SAS Nagar (Mohali) under the provisions of PMLA, 2002 belonging to M/s. Gupta Builders and Promoters Pvt. Ltd. (M/s. GBPPL)". The attachment is part of an ongoing investigation into the company's alleged duping of buyers, resulting in losses of Rs. 478 Crore.
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Purpose
The Directorate of Enforcement (ED), Chandigarh Zonal Office has provisionally attached immovable properties worth Rs. 87.64 Crore under the Prevention of Money-laundering Act (PMLA), 2002 belonging to M/s. Gupta Builders and Promoters Pvt. Ltd. (M/s. GBPPL). This attachment aims to prevent further money laundering and bring perpetrators to justice.
Effects on Industry
The provisional attachment of immovable properties worth Rs. 87.64 Crore by the ED will have significant effects on the real estate industry in Punjab, particularly in Mohali and Chandigarh districts. The move is likely to deter other companies from engaging in similar fraudulent activities, ensuring a safer and more transparent environment for buyers.
Relevant Stakeholders
The stakeholders affected by this development include:
- Buyers who were duped by M/s. GBPPL, as their money has been attached by the ED
- Other real estate companies operating in Punjab, which may feel pressure to maintain transparency and integrity
- The general public, who will benefit from a more secure and trustworthy real estate market
Next Steps
The investigation is ongoing, with further action likely to be taken against M/s. GBPPL and its directors. The ED has already declared several directors as “Proclaimed Offenders,” which may lead to their arrest and prosecution.
Any Other Relevant Information
The ED’s actions demonstrate its commitment to combating financial crime and protecting the rights of innocent citizens. This move serves as a warning to other perpetrators who seek to exploit vulnerable individuals through fraudulent means. The attached properties, including incomplete flats, shops, and villas, will be held until further notice, ensuring that they do not fall into the wrong hands.
