Latest news with #AnsalPropertiesandInfrastructureLtd
Time of India
01-05-2025
- Business
- Time of India
ED raids Ansal API offices in Delhi, Noida, and Ghaziabad over Rs 600 crore fraud
LUCKNOW : 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.
Time of India
30-04-2025
- Business
- Time of India
ED searches at Ansal API offices in UP cities
Lucknow: 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.
Time of India
27-04-2025
- Business
- Time of India
Five more FIRs against Ansal Group in Lucknow for ₹5.78 crore fraud
LUCKNOW : Five more FIRs have been registered against the Ansal Properties and Infrastructure Ltd (API) at Sushant Golf City police station in Lucknow for duping customers of Rs 5.78 crore under the pretext of selling plots and flats. So far about 70 cases has been lodged against the real estate firm in multi million land scam case. According to city-based businessman Sanjeev Agarwal , he paid Rs 5 crore in 2022 for a land deal. However, he later discovered that the company fraudulently registered sale deeds for govt land and, in some cases, sold the same land to multiple buyers using forged documents. In another case, Colonel Kunendra Singh Yadav stated that he booked a 1,291 sq ft flat in the 'Basera Deluxe' project in April 2013 by paying Rs 26.11 lakh. Despite the payment, the flat was never handed over to him. Similarly, Harishankar Jaiswal of Azamgarh, reported that he paid Rs 11.5 lakh in 2010 to book a plot and subsequently paid Rs 20.13 lakh via cheque in 2011 to book a flat. Even after 15 years, he received neither possession of the plot nor the flat. Another complainant, Shashi Verma from Rajajipuram's D-Block, alleged that he booked a plot in Ansal's residential project in 2010 by depositing Rs 11.28 lakh but received neither possession nor refund. Sanjay Kumar Srivastava of Ashiana, also accused the company of misrepresenting land measurements and collecting Rs 9.94 lakh for a plot booking.
Time of India
26-04-2025
- Business
- Time of India
Five more FIRs against Ansal Group in Lucknow for ₹5.78cr fraud
Lucknow: Five more FIRs have been registered against the Ansal Properties and Infrastructure Ltd (API) at Sushant Golf City police station in Lucknow for duping customers of Rs 5.78 crore under the pretext of selling plots and flats. So far about 70 cases has been lodged against the real estate firm in multi million land scam case. According to city-based businessman Sanjeev Agarwal , he paid Rs 5 crore in 2022 for a land deal. However, he later discovered that the company fraudulently registered sale deeds for govt land and, in some cases, sold the same land to multiple buyers using forged documents. In another case, Colonel Kunendra Singh Yadav stated that he booked a 1,291 sq ft flat in the 'Basera Deluxe' project in April 2013 by paying Rs 26.11 lakh. Despite the payment, the flat was never handed over to him. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo Similarly, Harishankar Jaiswal of Azamgarh, reported that he paid Rs 11.5 lakh in 2010 to book a plot and subsequently paid Rs 20.13 lakh via cheque in 2011 to book a flat. Even after 15 years, he received neither possession of the plot nor the flat. Another complainant, Shashi Verma from Rajajipuram's D-Block, alleged that he booked a plot in Ansal's residential project in 2010 by depositing Rs 11.28 lakh but received neither possession nor refund. Sanjay Kumar Srivastava of Ashiana, also accused the company of misrepresenting land measurements and collecting Rs 9.94 lakh for a plot booking.
