NEW DELHI: The Enforcement Directorate (ED) has seized cash and valuables worth Rs 13.8 crore following raids against a Delhi-based real estate company accused of defrauding homebuyers and currently undergoing insolvency proceedings, sources said.
“The agency conducted raids on a debt-ridden Delhi real estate company and recovered Rs 6.30 crore in cash and jewellery worth Rs 7.50 crore after allegations that it collected over Rs 2,000 crore from unsuspecting buyers and then failed to deliver on its promises,” an ED official said.
Sleuths seized Rs 6.3 crore in cash, jewellery valued at Rs 7.5 crore, silver bullion, and luxury watches as part of a major money laundering investigation.
The action under the Prevention of Money Laundering…