ED seizes GBP Group properties in Zirakpur
The seized properties include Athens-I and Athens-II in Rampur Bhuda village on New Aerocity Road in Zirakpur
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During its PMLA investigation, the ED identified various movable and immovable properties linked to GBP Group, leading to two provisional attachment orders against assets of GBPPL and its associates. (File)The Enforcement Directorate (ED) on Friday took possession of immovable properties belonging to Gupta Builders Private Limited (GBP) Group in Zirakpur. The properties, associated with two projects known as Athens-I and Athens-II, had previously been attached under provisional orders issued in April and confirmed by the adjudicating authority under the Prevention of Money Laundering Act (PMLA) in May this year.
The seized properties include Athens-I, covering 49 bighas and 8 biswas, totaling 49,400 square yards, and Athens-II, spanning 19 bighas and 2 biswas or 19,100 square yards. Both projects, located in Rampur Bhuda village on New Aerocity Road in Zirakpur, were incomplete residential developments at the time of possession.
During its PMLA investigation, the ED identified various movable and immovable properties linked to GBP Group, leading to two provisional attachment orders against assets of GBPPL and its associates. The April order provisionally attached properties valued at approximately Rs. 157.7 crore, following an earlier attachment of properties worth over Rs. 147 crore.
The ED’s probe stemmed from multiple FIRs filed under sections 120B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code (IPC), both scheduled offences under the PMLA. According to the investigation, GBPPL and its directors allegedly deceived homebuyers and investors by collecting advance payments for various residential and commercial properties in incomplete projects.
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