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The Enforcement Directorate (ED) has stepped up action against real estate fraud across India, freezing assets in cities like Delhi. A key case involves the 'Shine City' scam, a ponzi scheme that promised high returns on real estate and other ventures, allegedly swindling investors out of over INR 1000 crore. The ED has frozen INR 277 crore in assets so far. In another case, a Delhi commercial property worth INR 44 crore linked to Bhasin Infotech was attached. Over 100 investors reportedly paid for plots but never received them. These actions reflect the ED's push to tackle fraud and safeguard investor money in the real estate space.
The Enforcement Directorate (ED) has recently intensified its nationwide crackdown on alleged real estate frauds, with recent asset freezing actions in major cities like Delhi and others. These moves aim to combat large-scale schemes that have reportedly defrauded numerous investors by targeting properties acquired through illicit means. Advertisement
The ED's recent actions highlight a broader pattern of financial enforcement against fraudulent real estate operations across the country. In one notable case, the agency froze assets valued at INR 55 lakh. These assets are reportedly linked to the 'Shine City' ponzi scheme, which allegedly duped investors by promising unusually high returns on purported investments in real estate, hotels, agriculture, and various other sectors.
The total alleged fraud in this particular scheme is estimated to be over INR 1000 crore, with the ED having already frozen or attached assets worth INR 277 crore related to this case under the Prevention of Money Laundering Act (PMLA).
Separately, the ED provisionally attached a Delhi property worth INR 44 crore. This commercial plot is linked to the 'Bhasin Infotech' scandal. Vinay Bhasin, a director of Bhasin Infotech, is accused of allegedly cheating more than 100 investors who had paid for residential plots in Delhi but never received them. Multiple First Information Reports (FIRs) have been filed in Delhi against these alleged activities.
Both cases demonstrate the government's resolve to curb money laundering and protect public investments in the real estate sector, which has historically been vulnerable to such fraudulent schemes. The PMLA empowers the ED to provisionally attach properties suspected to be the proceeds of crime, ensuring that illegally acquired assets cannot be used or disposed of.
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