The enforcement directorate (ED) has provisionally attached certain lands in Kerala worth Rs. 201.60 crores. This case is related to an inquiry regarding selling plots or land for no profit, no loss group at excessive market prices in the Sobha International City, Gurgaon.
New Delhi: As per the section money laundering act, 2022 PMLA, the Enforcement Directorate (ED) has provisionally attached the POC (proceeds of crime) in the form of immovable properties amounting to Rs 201.60 crore vide interim attachment order (PAO)-32/2022 of Sobha. According to the media release.
Sobha has yet to develop a proper plan to develop this land. Even the provisional attachment has no medium- or short-term impact on the company’s functioning. The Sobha believes there has been no wrongdoing from its side; hence, they are confident of obtaining a favourable outcome through an appropriate legal way.
According to the media and publications, this provisional case was started based on an FIR registered by Haryana Police against Sobha and others groups for violation of laws and rules issued by DTCP (directorate of town & country planning). The FIR was based in Haryana and cheated the general public by selling plots meant for NPNL (no profit, no loss) in the Sobha International City, Gurgaon, Haryana.
Haryana Police has registered an FIR or charge sheet against Sobha and other related persons of Sobha company for the violence of rules and offence.
Haryana Police Register FIR of Sobha to ED
After registering the FIR by the Haryana Police, ED (Enforcement directorate) started its investigations against Sobha. And it was found that the management team of the company had, and it was revealed that the management of Sobha had to make a fool scheme to defeat the objective of the no profit, no loss scheme. The Sobha had sold the plot to its employees, and these plots were sold to the public at high prices.
Sobha had floated 59 (LLPs) Limited Liability Partnerships by making its employees designated partners and transferred funds of Rs. 29 crores indirectly to 59 Limited Liability Partnerships. The funds were transferred to employees to buy 59 plots at 48 lakhs under the scheme.
After selling these 59 plots to LLPs, the company Immediately transferred these plots to Eunomia Developers LLP entity partner with Sobha. These LLPs, in turn, sold the properties to the general public and generated (Proof of Concept) PoC of approx. Rs. 201 crores.
As Proof of Concept had already been abandoned by Sobha, which is equal to the value of a plot amounting to Rs 201 crores, has been attached by ED, which consists land bank of the Sobha in Kerala held through one of its controlled entity, Technobuild Developers.
Also, in 2019, ED searched 17 properties of Sobha and its management. ED arrested two persons, Prakash Gurbaxani and Ashok Solomon, as per the complaints registered against them.
After this case, the total value of attached assets reached approximately Rs 311 crore. Ed said in the statement further investigations of the matter are in process.
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