Lucknow, March 11 – The Enforcement Directorate (ED) has provisionally attached immovable properties worth approximately Rs 313.12 crore belonging to Ansal Properties & Infrastructure Ltd (APIL) under the provisions of the Prevention of Money Laundering Act (PMLA).
The action was taken by the ED’s Lucknow Zonal Office as part of an ongoing investigation into financial irregularities involving the real estate firm and its promoters, the agency said in an official statement on Wednesday.
The attached assets comprise residential land parcels spread over about 9.08 hectares located in Agra, Uttar Pradesh.
According to the ED, the investigation relates to allegations of financial misappropriation and fraudulent diversion of funds collected from homebuyers. The probe was initiated on the basis of 278 FIRs registered against Ansal Properties & Infrastructure Ltd and its directors for offences including criminal breach of trust, criminal conspiracy and forgery under various sections of the Indian Penal Code (IPC).
The investigation primarily focuses on the company’s Sushant Golf City project in Lucknow. The FIRs allege that flats promised to homebuyers under the project were not delivered and that funds collected from buyers were diverted for purposes unrelated to the project.
ED officials said their investigation revealed that the company had collected customer advances amounting to Rs 1,234.92 crore from homebuyers in the name of developing projects at Sushant Golf City in Lucknow. However, only Rs 921.80 crore was actually utilised for the creation of project assets in Lucknow.
The remaining Rs 313.12 crore was allegedly diverted to non-project-related activities and dissipated, the agency said.
Since the direct proceeds of crime were no longer available, the ED has provisionally attached alternative immovable properties in Agra equivalent to the diverted amount.
“These properties have been attached as equivalent value to safeguard the interests of innocent homebuyers and to ensure that ongoing and occupied projects are not disrupted,” the ED said.
The agency added that the attached properties are currently held in the names of companies associated with Ansal Properties & Infrastructure Ltd. Further investigation into the case is underway.