Latest news with #PiyushRastogi
Time of India
3 days ago
- Business
- Time of India
ED searches 8 locations in Lucknow, Delhi in Rohtas projects fraud case
1 2 Lucknow: The Enforcement Directorate (ED) on Wednesday carried out searches at eight premises — six in Lucknow and two in Delhi — in connection with the multi-crore Rohtas Projects fraud. The searches continued until the last reports came in. The ED also seized documents and papers, for which a forensic audit will be conducted. The probe stems from an ECIR registered in 2021 based on 48 FIRs filed by home and commercial space buyers, which have since risen to 88. A forensic audit by UP RERA pegged the proceeds of crime (POC) at Rs 248 crore. The firm's promoter brothers — Piyush Rastogi, Paresh Rastogi, and Deepak Rastogi — have been absconding for four years. ED sources said no property attachments were made by them so far due to a lack of evidence and the accused's non-cooperation. The searches aim to gather crucial records and trace assets for attachment under the Prevention of Money Laundering Act (PMLA). Sources privy to the probe revealed that the agency questioned the son of absconding Piyush Rastogi in Lucknow. The promoters or their legal representatives could not be contacted immediately for a comment on the ED action against them. In Oct 2023, a Lucknow court issued an order for confiscating property worth Rs 21 crore belonging to one Paresh Rastogi, accused in 82 cases registered against him since 2017 at various police stations. Total assets worth Rs 137 crore were confiscated by Lucknow police. The cases against the accused were registered in Hazratganj, Gautam Palli, Chinhat, Vibhuti Khand, and Gosaiganj police stations. Paresh Rastogi entered into the world of crime in 2007 and started buying and selling land/buildings. "To hide the money earned from crime, the accused formed a company named Rohtas Project Ltd. The accused then started purchasing property in the name of his company and in favour of his family members through benami transactions, and further properties were created illegally by using the property acquired through crime," said the officer. "Rastogi first defrauded people of crores of rupees in the name of constructing residential/commercial buildings and did not even provide residential/commercial buildings. When people wanted to withdraw their money, he kept giving them false consolation and tricking them for a long time and suppressed their voice due to his dominance," the officer added. CBI's anti-corruption bureau of the Lucknow unit has also registered a case against Rohtas Builders in connection with an alleged fraud worth Rs 16.87 crore. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Rohtas Projects fraud: ED raids six locations in Lucknow, two in Delhi
The Enforcement Directorate (ED) on Wednesday raided eight premises, six in Lucknow and two in Delhi, in connection with an alleged real estate fraud involving Rohtas Projects Limited, officials confirmed. The case stems from an Enforcement Case Information Report (ECIR) registered by the ED in 2021, based on 48 FIRs filed by aggrieved buyers. The number of FIRs has since risen to 87. (For representation) The case involves hundreds of home and commercial space buyers allegedly duped by the company's promoters. Officials said the ongoing searches aim to gather crucial documents and digital records to trace the proceeds of crime (POC) and facilitate further legal action. The POC is estimated at ₹248 crore, according to a forensic audit conducted by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA). The case stems from an Enforcement Case Information Report (ECIR) registered by the ED in 2021, based on 48 FIRs filed by aggrieved buyers. The number of FIRs has since risen to 87. The three promoter brothers -- Piyush Rastogi, Paresh Rastogi and Deepak Rastogi -- have been on the run for the past four years, hindering property attachments due to lack of evidence and non-compliance. UP RERA had earlier de-registered multiple Rohtas projects for non-compliance and financial irregularities. The alleged scam came under scrutiny in 2019 when hundreds of buyers claimed the promoters had collected crores of rupees for housing and commercial units that were either delayed indefinitely or never delivered. Several projects in Lucknow, including the prominent Rohtas Plumeria, were left incomplete, sparking legal action and public protests. On July 2, 2022, properties worth ₹116.23 crore belonging to Rohtas Builders were attached in connection with an FIR registered under Section 14(1) of the UP Gangsters Act at Hazratganj police station in Lucknow. The FIR was lodged against owners Paresh Rastogi and his brother Piyush Rastogi, Pankaj Rastogi and Nitin Bhatia. Police said the Lucknow Police Commissionerate issued the attachment order on June 14. A senior Lucknow police official said 82 FIRs relating to fraud, forgery and criminal breach of trust had been lodged against Paresh Rastogi and his aides at five police stations since 2017. Of these, 60 were registered at Hazratganj police station, 18 at Vibhuti Khand, two in Chinhat, and one each in Gautam Palli and Gosainganj. Attached assets include buildings, clubs, cars and other properties.
Time of India
3 days ago
- Business
- Time of India
ED raids against Rohtas Projects for ₹248-crore 'fraud' with home buyers
NEW DELHI | LUCKNOW: The Enforcement Directorate on Wednesday conducted searches against an Uttar Pradesh-based realty group as part of a money laundering probe against it for allegedly duping investors to the tune of Rs 248 crore, official sources said. At least eight premises in Lucknow and two in Delhi are being searched in the case against Rohtas Projects Ltd., the sources said. The action is being carried out under the Prevention of Money Laundering Act ( PMLA ), they said. The money laundering case stems from as many as 87 FIRs filed by home/commercial space buyers since 2021 alleging they were duped and not given their properties. As per a forensic audit conducted by the UP RERA (Uttar Pradesh Real Estate Regulatory Authority), the "proceeds of crime" in this case is Rs 248 crore, the sources said. The searches are being conducted with an aim to find evidence and the assets of the promoters for attachment as they are "absconding" since the last four years, the sources claimed. The promoters of the company have been identified as Piyush Rastogi , Paresh Rastogi and Deepak Rastogi. The promoters or their legal representatives could not be contacted immediately for a comment on the ED action against them.
Hindustan Times
3 days ago
- Business
- Hindustan Times
ED raids Uttar Pradesh realty group in ₹248 crore money laundering probe
The Enforcement Directorate on Wednesday conducted searches against an Uttar Pradesh-based realty group as part of a money laundering probe against it for allegedly duping investors to the tune of ₹248 crore, official sources said. Security personnel stand guard outside the Enforcement Directorate (ED) office in New Delhi.(HT File) At least eight premises in Lucknow and two in Delhi are being searched in the case against Rohtas Projects Ltd., the sources said. The action is being carried out under the Prevention of Money Laundering Act (PMLA), they said. The money laundering case stems from as many as 87 FIRs filed by home/commercial space buyers since 2021, alleging they were duped and not given their properties. As per a forensic audit conducted by the UP RERA (Uttar Pradesh Real Estate Regulatory Authority), the "proceeds of crime" in this case is ₹248 crore, the sources said. The searches are being conducted with an aim to find evidence and the assets of the promoters for attachment as they are "absconding" since the last four years, the sources claimed. The promoters of the company have been identified as Piyush Rastogi, Paresh Rastogi and Deepak Rastogi. The promoters or their legal representatives could not be contacted immediately for a comment on the ED action against them.
Time of India
3 days ago
- Business
- Time of India
Rohtas projects fraud case: ED raids 8 locations in Lucknow, Delhi; Rs 248 crore at stake, promoters absconding
LUCKNOW: The Enforcement Directorate (ED) on Wednesday carried out searches at eight premises — six in Lucknow and two in Delhi — in connection with the multi-crore Rohtas Projects fraud. The probe stems from an ECIR registered in 2021, based on 48 FIRs filed by home and commercial space buyers, which have since risen to 87. A forensic audit by UP RERA pegged the proceeds of crime (POC) at Rs 248 crore. The firm's promoter brothers — Piyush Rastogi, Paresh Rastogi, and Deepak Rastogi — have been absconding for four years. ED sources said no property attachments have been made so far due to lack of evidence and the accused's non-cooperation. The searches aim to gather crucial records and trace assets for attachment under the Prevention of Money Laundering Act (PMLA). In October 2023, a Lucknow court issued an order to Lucknow police for confiscating property worth Rs 21 crore belonging to Paresh Rastogi of Lucknow, accused in 82 cases registered against him since 2017 at various police stations. Total assets worth Rs 137 crore were confiscated by Lucknow police. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo A senior Lucknow police officer said a preliminary order of confiscation was passed in favour of the State under Section 14 (1) of the Uttar Pradesh Gangster and Anti-Social Activities (Prevention) Act, 1986, against the identified properties acquired by him using money earned through crime. The cases against the accused were registered in Hazratganj, Gautam Palli, Chinhat, Vibhuti Khand and Gosaiganj police stations. Accused Paresh Rastogi entered the world of crime in 2007 and started buying and selling land and buildings. 'To hide the money earned from crime, the accused has formed a company named Rohtas Project Ltd. The accused then started purchasing property in the name of his company and in favour of his family members through benami transactions and further properties were created illegally by using the property acquired through crime,' said the officer. 'Rastogi first defrauded people of crores of rupees in the name of constructing residential/commercial buildings and did not even provide residential/commercial buildings. When people wanted to withdraw their money, he kept giving them false consolation and tricking them for a long time and suppressed their voice due to his dominance,' the officer added. The CBI's Anti-Corruption Bureau, Lucknow unit, has also registered a case against real estate firm Rohtas Builders in connection with an alleged fraud worth Rs 16.87 crore. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
