Latest news with #Hi-TechTownshipPolicy
Time of India
02-05-2025
- Business
- Time of India
ED completes searches in Ansal API land scam case
Lucknow: The Directorate of Enforcement (ED), Lucknow zonal office, on Friday completed searches on five premises across Ghaziabad, Lucknow and New Delhi in Ansal Properties & Infrastructure Ltd. (Ansal API) and others in connection with multi-million land scam. The searches were being conducted at the residences of Pranav Ansal (promoter/director), Deepak Movar (director), other senior employees and the corporate offices of Ansal API under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 since April 30. The probe was based on over 100 FIRs registered across Uttar Pradesh, Delhi, Haryana and Punjab, alleging large-scale fraud, criminal breach of trust, and cheating of homebuyers. The FIRs collectively indicate a fraud involving over Rs 135.51 crore, wherein investors and homebuyers were lured into projects that were either never completed or handed over. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like CFD: Invest $200 in stocks without buying stocks to earn a second salary. - better TradeLG Undo During probe, it was revealed that a significant portion of the buyers' money was diverted and misappropriated. Despite multiple summons, the senior management failed to cooperate with the investigation and did not provide the required financial details. During the searches, several incriminating documents and digital devices were seized. These include financial details, project-level financials of the Ansal Group, and bank account details of 174 subsidiaries/group companies of Ansal API. A list of 62 immovable properties worth Rs 217.80 crore, held in the name of Pranav Ansal, his family members and associated entities was recovered from a seized mobile device. The ED action follows a report by UPRERA that uncovered serious financial irregularities by the real estate firm. In April, the Income Tax department also searched 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
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.
