New Delhi, April 12: The Enforcement Directorate (ED) has launched a significant search operation related to a money laundering case involving Economic Infrastructure Limited (EIL) and its affiliated companies. This operation resulted in the seizure of substantial amounts of cash, jewelry, and luxury watches.
On April 10, the ED’s Delhi regional office conducted the search under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The operation targeted ten premises in Delhi and Gurugram linked to the directors, promoters, and associated firms of the Economic Group.
During the raids, officials confiscated approximately ₹6.3 crore in cash, around ₹7.5 crore worth of jewelry, silver bars, and several high-end luxury watches.
This investigation was initiated based on five FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police against Economic Infrastructure Limited, its directors, and related entities under various sections of the Indian Penal Code (IPC).
Additionally, the Serious Fraud Investigation Office (SFIO) has lodged a criminal complaint against the company’s promoters and directors under Section 447 of the Companies Act.
According to the ED, the Economic Group has launched multiple real estate projects under the ‘Economic’ brand in the Delhi-NCR region, Gurugram, Greater Noida, and Lucknow. Key projects include Economic Town, Economic Sapphire Court, Economic Copia, Economic Tekon, Economic Iconic, Economic Titanium, Economic Elakasa, Economic Gracia, and Economic Skygate.
The investigation revealed that the company collected approximately ₹2,024.45 crore by promising timely delivery and assured returns on residential and commercial units to over 19,425 homebuyers and investors.
However, despite receiving significant funds, many projects remained incomplete or possession was not handed over.
The ED further discovered that the alleged misuse of funds involved purchasing land in the names of group companies and family members in Gurugram, Delhi, and Rajasthan, conducting transactions through fake entities, financing personal land deals, and providing advance loans to unrelated firms.
It was also reported that funds were used to pay family members who had no active role in the business, and these funds were spent through the sale of properties.
Key individuals named in this case include Avadhesh Kumar Goyal, Rajneesh Mittal, Atul Gupta, and Vikas Gupta.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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