New Delhi, August 21: The Enforcement Directorate (ED) launched a series of raids on Wednesday and Thursday across seven locations in the Delhi-NCR region. This action is part of an ongoing investigation into money laundering under the Prevention of Money Laundering Act (PMLA), 2002.
The ED issued a press release on Thursday, detailing that the investigation involves Tashi Land Developers Private Limited, KNS Infracon Private Limited, Sony Infratech Private Limited, Kashinath Shukla (current Resolution Professional), and other associated companies and individuals.
The inquiry was initiated based on multiple FIRs and charge sheets filed by the Economic Offenses Wing (EOW) of the Delhi and Haryana police. These cases are linked to allegations of fraud against homebuyers and investors in the Tashi Capital Gateway Project in Gurugram’s Sector 111 and the Orion Galaxy Project (formerly known as Spire South) in Sector 68. Additional allegations include fraud related to the Swamih Investment Fund, housing loan fraud, and investor deception.
The investigation revealed that the Tashi Group collected approximately ₹386 crores from over 600 homebuyers but has failed to deliver possession even after 10 to 15 years. Furthermore, it was discovered that the group misappropriated around ₹120 crores of investors’ funds, including ₹98 crores from the Swamih Fund.
Further inquiries indicated that substantial amounts collected from homebuyers and financial/investment facilities were transferred among interconnected group companies and entities controlled by promoters. The ED is examining the money trail, transactions between companies, fund utilization per project, and potential diversion of funds from one project to another to ascertain the total amount of ‘proceeds of crime’ and properties acquired with illegally earned money.
The ongoing investigation has also revealed that the main promoter, Kashinath Shukla, has allegedly relocated his family abroad and sold or disposed of significant assets in India over the past 5 to 10 years.
Additionally, the investigation uncovered substantial investments in foreign companies/entities under the names of family members, including operating an old-age care home in the UK. One family member has reportedly applied for citizenship in Saint Kitts through investment.
During the raids, several crucial documents related to the companies and projects under investigation were identified and seized for further examination. This included financial records related to foreign investments, digital data, and bank accounts/fixed deposit receipts with outstanding balances of ₹22 lakhs, along with a luxury car that was frozen/seized. The ED continues its investigation into this matter.
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