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The searches were carried out on June 3 against Gupta Builders and Promoters Pvt. Ltd., its directors Satish Gupta, Pardeep Gupta, their associates Bajwa Developers Ltd, Kumar Builders, Vinmehta Films Pvt. Ltd. and residences of their directors Jarnail Singh Bajwa, Navraj Mittal, Vishal Garg and others at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi, it said in a statement.
The money laundering case stems from a Punjab Police FIR against the accused who are alleged to have ”duped and cheated” homebuyers/investors by neither delivering flats, plots, commercial units nor returning their monies to the tune of Rs 325 crore in connivance with various other persons. The probe found that the ”funds received from homebuyers for development of residential and commercial projects were siphoned off by directors of the company in connivance with their associates and others and have been invested in purchase of various personal assets.” ”Incriminating documents pertaining to movable and immovable properties, unaccounted cash of Rs 85 lakh and a Audi Q7 car have been seized (during the raids),” the agency said.