ED Attaches ₹129.80 Crore Properties In Ahmedabad Real Estate Fraud Case

The Ahmedabad office of the Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth ₹129.80 crore in connection with an alleged real estate fraud involving homebuyers and investors.

The action has been taken against Ronak Ravjibhai Sonani, Vipul Gordhanbhai Gangani, Keshav Narayan Group and others under the Prevention of Money Laundering Act (PMLA), 2002.

Properties In Ahmedabad And Kadi Attached

According to the ED, properties allegedly purchased or transferred using proceeds of the suspected fraud have been attached to prevent their further sale or transfer.

The attached properties include:

• 30,798 sq m of land in Jesangpura and Agol in Kadi taluka
• 6,603.332 sq m in Chharodi
• 7,284 sq m in Shela

The total value of the attached properties has been estimated at ₹129.80 crore.

Buyers Lured With Attractive Returns

The ED's action follows an investigation based on five FIRs registered by the Ahmedabad Crime Branch at Navrangpura, Bopal and Satellite police stations under various provisions of the Bharatiya Nyaya Sanhita.

According to the investigation, the accused allegedly marketed their real estate schemes as genuine projects and offered flats and shops at attractive prices.

Investors were allegedly promised returns ranging from 54% to 100%.

The projects were allegedly marketed and sold without RERA registration and without obtaining non-agricultural (NA) permission for the land, according to the ED's findings cited in the report.

Around 250 Buyers Allegedly Invested In Chharodi Scheme

The Chharodi project allegedly attracted money from around 250 homebuyers and investors.

After collecting crores of rupees from buyers, the scheme's land was allegedly transferred to Mahendrabhai Vishnubhai Patel and others, according to the investigation.

Similarly, in the Akshar Antani scheme, money was allegedly collected from around 44 buyers, after which the scheme was reportedly shut down.

Dummy Sale Deeds Allegedly Used

The ED investigation allegedly found that the accused used dummy sale deeds and fabricated payment details to transfer properties to third parties, thereby allegedly defrauding customers.

The agency has taken the provisional attachment action to prevent the properties allegedly linked to the proceeds of the suspected fraud from being further transferred.

The investigation into the alleged money trail and the role of the accused is continuing.