ED searches 10 locations of Lko-based realty firm

LUCKNOW: Enforcement Directorate (ED) conducted comprehensive searches on Wednesday at ten locations of the Lucknowbased real estate firm Tulsiani Group across three states - Uttar Pradesh, Delhi, and Haryana, confirmed senior ED officials. They said that the firm was accused of duping gullible investors and a bank of several crores, leading the ED to register a case under the Prevention of Money Laundering Act (PMLA) and further investigation is on.

The ED officials confirmed that evidence was found against the group for committing fraud against the bank and deceiving investors to the tune of over Rs 30 crore. They further said that additional searches were carried out at ten locations in Lucknow, Prayagraj, Gautambuddh Nagar, Delhi, and Gurugram to gather more evidence related to the fraud. These locations included four in Lucknow, three in Prayagraj, and one each in Gautambuddha Nagar, Delhi,and Gurugram.

The ED has seized cash and incriminating documents related to the fraud during the searches. Notably, the ED had registered the PMLA case based on the cases lodged by investors after the real estate firm turned defaulter after taking loan worth several crores from Punjab National Bank.