ED probe begins into Orris Group’s fund diversion

The Yeida, on June 27, 2018, lodged an FIR against Greenbay Infrastructure at Kasna police station under sections 420, 409, 467, 468, 471 of IPC

The Yamuna Expressway Industrial Development Authority (Yeida) on Friday said the enforcement directorate (ED) has sought the details of Greenbay project that was being developed by Orris Group in Sector 22D.

Yeida, on February 12, 2018, during an audit found out that eight real estate developers, including Oriss Group, diverted ₹860 crore collected from homebuyers, a contention that was denied by most developers involved. (Sunil Ghosh/HTPhoto)

“The letter from ED says that financial discrepancies were discovered during an audit conducted by Yeida, which was subsequently reported to the police. ED has requested the authority to provide all details including the audit report of the Greenbay Project, reports sent to the police, and any investigations carried out against Orris Group’s projects such as Greenopolis, Greenbay Golf Village, and Orris Land and Housing Private Ltd,” said Arun Vir Singh, chief executive officer, Yeida.

The Yeida, on June 27, 2018, lodged an FIR against Greenbay Infrastructure at Kasna police station under sections 420, 409, 467, 468, 471 of the Indian Penal Code and relevant sections of the Company Act.

The committee recommended legal action against the developer for financial irregularities. “It is crucial for authorities to take strict action to ensure accountability and protect the interests of homebuyers,” stated Yeida’s audit report.

Yeida, on February 12, 2018, during an audit found out that eight real estate developers, including Oriss Group, diverted ₹860 crore collected from homebuyers, a contention that was denied by most developers involved.

Following the audit, Yeida in 2018 only filed an FIR against Orris Group. Police filed a closure report and one of the Gautam Budh Nagar courts in 2024 accepted the police’s closure report in this case.

“But we challenged the police’s closure report and filed a review in district sessions judge, initiating further probe in this case. Now the ED has also sought details to further probe the alleged fund diversion,” said Singh.

“We have not diverted any funds in our project. As a result, police submitted closure report after Yeida filed an FIR against us following an audit report. We will challenge Yeida’s decision to object to police filing a closure report,” said Amit Gupta director of Orris Group.