ED raids Ansal API offices in Delhi, Noida, and Ghaziabad over Rs 600 crore fraud
: The
Enforcement Directorate
on Wednesday carried out searches at the Lucknow office of
Ansal Properties and Infrastructure Ltd
(APIL) and simultaneously raided its offices in
Delhi
,
Noida
, and Ghaziabad in connection with alleged diversion of over ₹600 crore collected from homebuyers.
The action follows a report by the Uttar Pradesh Real Estate Regulatory Authority, which uncovered serious
financial irregularities
by the real estate firm. According to the report, funds from various housing projects were siphoned off and diverted elsewhere, impacting hundreds of investors.
A six-member ED team, accompanied by security personnel, scrutinised electronic records, hard drives, financial documents, and bank accounts at the company's Lucknow office. Employees were questioned as part of the investigation. Similar raids were carried out across APIL offices in NCR locations.
Promoters Pranav Ansal and Sushil Ansal are facing serious charges, including illegal sale of govt land, investor fraud, and financial misappropriation. Over 70 FIRs have already been filed against the company, which was declared insolvent by the National Company Law Tribunal (NCLT). The insolvency process is underway under the CIRP framework.
Earlier this month, the Income Tax department also raided APIL's Lucknow premises and seized documents related to alleged tax evasion and suspicious transactions. The company's expansion was previously facilitated through controversial policy relaxations, extending its township licence from 1,335 to 6,500 acres under the 2003 Hi-Tech Township Policy.
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