ED Lucknow zonal office attaches properties worth Rs 2.73 crore in money laundering case
Dec 14, 2024
New Delhi [India], December 14 : The Lucknow Zonal Office of the Directorate of Enforcement (ED) has provisionally attached immovable assets worth Rs2.73 crore in connection with a money laundering case, the agency announced on Saturday.
According to the ED, the assets were seized in a case involving a firm named Niharika Ventures and Developers, accused of defrauding innocent investors under the guise of providing affordable residential land through their entity, Niharika Ventures.
The ED's statement read: "The Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached immovable assets on 13/12/2024 amounting to Rs2.73 crore (approx.) in the case of M/s Niharika Ventures and Developers under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include five residential flats located in Prayagraj, Uttar Pradesh, registered in the names of Om Prakash Dwivedi, Abhishek Dwivedi, Mrs. Niharika Dwivedi, and Smt. Radha Rani."
The agency initiated its investigation based on multiple FIRs filed by the Uttar Pradesh Police at various police stations against the accused under different sections of the Indian Penal Code (IPC), 1860.
The accused allegedly misled investors by promising affordable residential plots through Niharika Ventures, the ED stated.
Investigations revealed that the accused enticed the public with assurances of monthly returns and affordable residential plots in Prayagraj, Lucknow, and Noida. However, the funds collected were misused for personal gain and to acquire immovable properties, violating the promises made to investors.
The accused entities reportedly issued agreements and cheques to investors, which were dishonoured when refunds or land registrations were demanded.
The ED's findings indicated that the funds collected from customers were layered, transferred, and diverted to purchase immovable properties, including flats registered in the names of the accused.
Consequently, the defrauded investors were left without the promised returns or the allocated land/plots. The ED has now provisionally attached these flats, collectively valued at Rs2.73 crore.
Further investigations are underway.
