Expansion
The Enforcement Directorate (ED), which is investigating the fraud committed by a company that built luxury flats in Noida, on Tuesday raided more than 11 locations in four cities – Delhi, Meerut, Chandigarh and Goa. The raids have found evidence of illegal investments in many other projects of the company. The ED has seized suspicious documents, information related to bank accounts, computer hard disks, mobile phones etc. from all the locations. The raids continued till late night.
Recently, the High Court had ordered the ED to investigate the fraud committed with the investors of the Lotus-300 project of Hacienda Project Private Limited Company in Noida. The directors of the company were accused of collecting money from investors in the name of the project which was later diverted to another project. The company did not even fulfill the flats of the area promised to the investors. Recently, the Supreme Court had stayed the order of the High Court. However, the court had asked the officials to continue the legal action. After this, the teams of the zonal office of ED in the capital searched the premises of the directors of the company on Tuesday. Many places of the carpet businessman in Meerut have come under the purview of the raid, where the search was conducted.
636 crores were raised
According to officials, the company had raised Rs 636 crore from investors to build 330 flats in the Lotus-300 project. It is alleged that instead of giving flats to the people, the company sold seven acres of land of the project to another builder. After this, the investors filed cases against the company and directors in the Economic Offenses Investigation Branch of Delhi Police. Questions were also raised on the role of Noida Authority officials in this case.
