ED seizes Ansal API's documents and devices, including properties worth ₹218 crore, for alleged money laundering: Report

The Enforcement Directorate last week seized documents and devices, including properties worth ₹217.80 crore, in operations against Ansal API, for alleged money laundering, the Hindustan Times reported on May 3.

The ED's Lucknow zonal unit, has seized several documents and devices during searches at the company's Delhi, Ghaziabad and Lucknow premises under the Prevention of Money Laundering Act (PMLA) 2002, it added.

According to an ED official, the probe showed that homebuyers money was “diverted and misappropriated”.

What Has the ED Seized?

The report said that among documents seized include bank account details of 174 subsidiaries and group companies, and the financial details and project-level financials of the Ansal Group.

Among these are a list of 62 immovable properties held by Ansal API's Promoter-Director Pranav Ansal, his family, and related parties, estimated to be ₹217.80 crore. This was recovered from a mobile device seized from a searched premise, it added.

What is the ED Investigation into Ansal API About?

The ED is investigating Ansal Properties and Infrastructure and senior management for alleged large-scale fraud, criminal breach of trust and cheating of homebuyers, according to a press note from the authority on May 3.

This is based on over 100 FIRs registered against them in Delhi, Haryana, Punjab and Uttar Pradesh, which indicated a collective amount of ₹135.51 crore in fradulent property sales, the department said. The FIRs allege that Ansal API sold homebuyers properties that were never completed and allegedly diverted the funds.

“Despite multiple summons, the senior management failed to cooperate with the investigation and did not provide the required financial details,” a senior ED official said.

Searches were thus conducted at five locations, including the residences of Pranav Ansal, Deepak Movar (director) and other senior employees; and at offices of Ansal API in Delhi, Ghaziabad and Lucknow, it added.