Lucknow, June 27: The Enforcement Directorate (ED) has taken significant action in a money laundering case linked to land and property fraud in Ghaziabad. The agency conducted raids at four locations associated with builder Sandeep Singh and officials of the Seva Suraksha Cooperative Housing Society in Ghaziabad, Noida, and Delhi.
The ED initiated the investigation based on three FIRs filed by the Uttar Pradesh police under various sections of the IPC, 1860. This case is considered a scheduled offense under the Prevention of Money Laundering Act (PMLA), 2002. According to the FIRs, Sandeep Singh, a director of M/s Shrasth Propbuild Private Limited, was the main beneficiary and key conspirator in this fraud.
Sandeep Singh allegedly lured members of the society, comprising retired officers of the Armed Border Force, by promising to construct 264 residential flats on half of the society’s land. In return, he promised to grant rights for the sale or development of the remaining land. The FIR also revealed that members were assured the completion and handover of the residential flats within a specified timeframe, or monthly rent in case of delays. However, the project did not materialize as promised.
Instead, Sandeep Singh misused the agreement and sold half of the 41,544 square meters of land to a third party without completing the flats for the members, resulting in illegal profits and depriving the members of their rightful claims. The ED is investigating the creation, concealment, possession, acquisition, and use of proceeds from scheduled offenses, including tracing the money and assets obtained from these activities.
During the raids, several incriminating documents related to financial transactions, properties, and company financial statements were seized under the provisions of the PMLA, 2002. Further investigations are ongoing.
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