ED Raids Tashee Group In Delhi-NCR Over Rs 386 Cr Homebuyer Fraud, Rs 98 Cr SWAMIH Fund Diversion

New Delhi: The Directorate of Enforcement (ED) conducted search and survey operations at seven premises in Delhi-NCR in connection with a money-laundering investigation involving Tashee Group and its associated entities.

In an official statement, the ED stated that the searches were conducted on August 19 and 20 by the ED's Gurugram Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The investigation relates to M/s Tashee Land Developers Pvt Ltd, M/s KNS Infracon Pvt Ltd, M/s Soni Infratech Pvt Ltd, Resolution Professional Kashi Nath Shukla and other associated entities and persons.

According to the ED, the probe was initiated based on multiple FIRs and chargesheets filed by the Economic Offences Wing (EOW) of Delhi Police and Haryana Police over alleged cheating of homebuyers and investors in the Tashee Capital Gateway Project in Sector 111, Gurugram, and Orion Galaxy Project, formerly known as Spire South, in Sector 68, Gurugram.

The investigation also pertains to alleged fraudulent procurement and diversion of SWAMIH Investment Fund, housing loan fraud and investor fraud, the agency said.

The ED said its investigation has so far revealed that the Tashee Group collected approximately Rs 386 crore from more than 600 homebuyers but failed to hand over possession even after 10-15 years.

The agency also alleged that around Rs 120 crore of investor funds were misappropriated, including Rs 98 crore invested by the SWAMIH Fund.

"Substantial amounts collected from homebuyers and received through financial/investment facilities were transferred between interconnected group companies and promoter-controlled entities," the ED said.

The agency said it is examining the money trail, inter-company transactions and project-wise utilisation of funds to ascertain the total quantum of proceeds of crime and identify assets acquired through the alleged diversion of funds.

The investigation further revealed that family members of the main promoter, Kashi Nath Shukla, had reportedly settled abroad and that he had disposed of or liquidated substantial assets held in India over the last five to 10 years, the ED said.

The agency also said substantial investments were allegedly made in the names of his family members in foreign companies and entities, including an old-age care home in the UK.

Further, one of his family members had allegedly applied for citizenship of St Kitts through the investment route, it said.

During the searches, the ED said it identified and seized various incriminating documents, financial records relating to foreign investments and digital data connected with the companies and projects under investigation.

Bank accounts and fixed deposit receipts (FDRs) containing an outstanding balance of Rs 22 lakh, along with a luxury car, were also frozen or seized, the agency said.

Further investigation is underway.