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The Enforcement Directorate (ED) carried out raids at multiple locations in Lucknow and Delhi targeting Rohtas Projects Ltd., a real estate firm accused of defrauding investors of around INR 248 crore. The probe, initiated under the Prevention of Money Laundering Act (PMLA), follows 87 FIRs filed since 2021 by home and commercial space buyers who allege non-delivery and financial fraud. Promoters Piyush Rastogi, Paresh Rastogi, and Deepak Rastogi have been absconding for over four years. Forensic audits by UP RERA confirmed the misappropriation, highlighting persistent challenges in India's real estate sector.
The Enforcement Directorate has stepped up its investigation into Rohtas Projects Ltd., a Lucknow-based real estate company, by conducting searches at several locations in Uttar Pradesh and Delhi. This move is part of a money laundering probe under the Prevention of Money Laundering Act (PMLA), focusing on allegations that the company cheated investors out of nearly INR 248 crore. Advertisement
The case stems from 87 FIRs filed since 2021 by buyers of residential and commercial properties. They claimed the company collected money but failed to deliver the promised projects. A forensic audit conducted by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) verified that the proceeds from these fraudulent transactions amount to INR 248 crore. The ED's raids aim to uncover documents, trace assets, and identify any accomplices involved in the scheme.
The key promoters of Rohtas Projects Ltd. Piyush Rastogi, Paresh Rastogi, and Deepak Rastogi have been absconding for more than four years, despite repeated attempts to contact them or their representatives. The ongoing investigation seeks to bring them to justice and recover the defrauded funds for the investors.
This development underscores persistent concerns in India's real estate sector, where fraudulent practices continue to impact homebuyers. Authorities' intensified actions reflect a commitment to enforcing accountability and safeguarding investor interests, while highlighting the necessity for regulatory vigilance and timely audits in the industry.
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