The Lucknow zonal office of the Enforcement Directorate (ED) has attached a building worth around ₹69.50 lakh of M/s Ranjana Associates located at a plot in Sector-7 of Meerut’s Jagriti Vihar under the provisions of the Prevention of Money Laundering (PMLA) Act 2002, senior ED officials confirmed on Friday.
In a press note shared with media, the ED officials said the attached property was built using proceeds from the illegal sale of shops by Pankaj Gupta, a partner of M/s Ranjana Associates. They said the ED’s investigation uncovered serious violations, including the unlawful sale of shops using forged documents, leading to significant financial loss to the public.
A senior ED official said the investigation was started based on an FIR registered by Nauchandi and medical college police stations of Meerut related to fraudulent sale of shops. He said the probe revealed that Pankaj Gupta, acting as a partner in M/s Ranjana Associates, violated several provisions of the rent-installment purchase agreement with UP Avas Evam Vikas Parishad.
He said Gupta unlawfully sold shops and office spaces on the plot without proper consent and with forged sale agreements for illegal financial gain and wrongful loss to the buyers. The proceeds of these illegal transactions, amounting to Rs. 69.5 Lakh, were used for the construction on the plot, thereby constituting Proceeds of Crime (POC) under the PMLA, 2002.
The official said the investigation also revealed that these actions led to a breach of contract, criminal activity and financial loss to buyers and the state authorities. “As a result, the immovable property is now provisionally attached to prevent further dissipation of assets. Further investigation is under progress,” he added.
{{/usCountry}}The official said the investigation also revealed that these actions led to a breach of contract, criminal activity and financial loss to buyers and the state authorities. “As a result, the immovable property is now provisionally attached to prevent further dissipation of assets. Further investigation is under progress,” he added.
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