New Delhi, 25 June (H.S.): The Lucknow Zonal Office of the Enforcement Directorate (ED) on Thursday carried out search operations at multiple premises in Ghaziabad and Delhi under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002. The action was undertaken in connection with an ongoing investigation against the promoters of Sandeep Singh Shrasth Propbuild Pvt. Ltd. and office-bearers of the Seva Suraksha Cooperative Housing Society.

According to information released by the ED, the investigation has revealed that the accused allegedly induced members of the housing society to relinquish their rights over approximately 41,544 square metres of land located at Akbarpur Baharampur in Ghaziabad by promising to provide them residential flats under a redevelopment project.

The agency further alleged that the accused subsequently misused the development rights and sold the society’s land and flats to third parties, thereby generating unlawful proceeds.

The searches were conducted to gather evidence related to the alleged money laundering activities arising from the suspected fraud. The Enforcement Directorate said that the investigation in the matter is continuing.

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Hindusthan Samachar / Jun Sarkar