Gurugram, July 11: The Enforcement Directorate (ED) has launched a significant operation against the Shanti Niketan Cooperative Group Housing Society (SGHS) members, following allegations of fraud and money laundering. Raids were conducted at eight locations in Delhi, Gurugram, and Faridabad.
This action was taken under the Prevention of Money Laundering Act (PMLA), 2002, resulting in the seizure of millions in cash, gold, silver, digital evidence, and critical documents.
According to the ED, the investigation was initiated based on an FIR filed at the Sushant Lok police station in Gurugram, citing various sections of the Indian Penal Code (IPC). The FIR accuses Mangal Sain Mittal, Anil Sharma, Arun Sharma, and others of defrauding members of the Shanti Niketan Cooperative Group Housing Society.
The investigation revealed that the then-president of the society, Mangal Sain Mittal, allegedly established illegal control over the society in collaboration with Anil Sharma and Arun Sharma, directors of M/s Connoisseur Infrabuild Private Limited (CIPL). They are accused of misappropriating members’ funds, creating fake memberships, concealing official records, and abandoning the housing project after raising substantial amounts.
The ED’s findings indicate that while the society allowed only 98 memberships, the accused allegedly sold 34 additional illegal memberships. A dual payment system was reportedly used for selling flats, collecting payments through both banking channels and cash. So far, the investigation has identified recoveries amounting to approximately ₹90.50 crore, including funds obtained through bank accounts and cash.
Further investigation revealed that funds from the society were transferred to various businesses linked to the accused. Analysis of bank accounts showed evidence of layering and rotation of funds, including a cash deposit of ₹12 crore in accounts associated with M/s Connoisseur Infrabuild Private Limited and Anil Sharma.
During the search on July 9, the ED seized several digital devices, property-related documents, audited financial records, tally data, and documents related to fund diversion. Additionally, assets valued at approximately ₹6.63 crore were recovered, including ₹55 lakh in unaccounted cash, gold bars worth ₹1.85 crore, gold jewelry valued at ₹1.95 crore, and around 100 kilograms of silver, estimated at ₹2.28 crore.
The ED has also frozen several bank accounts linked to the accused. The agency stated that the investigation into the entire network of money laundering and financial irregularities is ongoing, and further legal action will be taken.
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