ED Raids At Premises Of Gupta Builders And Promoters (GBP) Group And Its Associates

2 weeks after the Income tax department issued a lookout circular was issues against Pardeep Kumar, Satish Kumar and Raman Kumar, the directors of (GBP) Gupta Builders and Promoters Pvt Ltd, today, the Enforcement Directorate (ED) has conducted raids on the premises of Gupta Builders and Promoters in Chandigarh, Panchkula, Ambala, Delhi and Mohali. The ED has siezed a huge amount of money worth Rs. 85 Lakh in cash, an Audi car and several documents in the raids conducted on the premises of GBP. 

As per the FIR filed by the Punjab police, the GBP has been accused of duping the people and investors by taking huge amounts in advance for plots, flats and properties, amongst which nothing has been allotted and neither the money is returned to the people, which accounts a total of over Rs. 325 crore. As per the information, the directors of Gupta Builders and Promoters have used this money to buy personal assets and properties. 

Apart from the directors of GBP, the searches were conducted at their associates Bajwa Developers, Kumar Builders, Vinmehta Films and residences of their directors Jarnail Singh Bajwa, Navraj Mittal, Vishal Garg and others at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi, as per the ED statement.

As quoted by news agency ANI, the ED has said, “The money-laundering investigation carried out has, inter-alia, revealed that the funds received from the Homebuyers for development of residential and commercial projects were siphoned off by the Directors of the company in connivance with their associates and others and have been invested in the purchase of various personal assets.”

Earlier, on May 18, the Chandigarh police had  registered an FIR against the directors of Gupta Builders and Promoters for allegedly duping Rs. 7 crore from 29 people while selling plots in the smart city Mohali. This was the 14th cheating FIR against the GBP group.

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