Enforcement Directorate arrests WTC Group promoter Ashish Bhalla over alleged fraud involving Rs 3,000 crore in Faridabad real estate projects, diverting funds to shell companies and foreign entities. Hundreds of investors duped through promised but undelivered plots in Sectors 111-114, indicating massive financial misuse. ED custody granted for interrogation.
SEBI will auction properties of Ravi Kiran Realty and GSHP Realtech on April 16, 2021, to recover investor money. The properties are located in West Bengal.
The real estate industry in Mumbai is grappling with increasing cases of fraud and deception by developers, leading to significant financial losses for homebuyers and legal action.
SEBI restricts Servehit Housing & Infrastructure from raising public funds over illegal real estate schemes, orders asset disclosure, and bars new scheme launches.
SEBI has cautioned investors against dubious collective investment schemes (CIS), particularly those run by MPS Greenery Developers and Rose Valley Real Estate and Construction.
A Delhi-based investor has petitioned the Supreme Court to direct Sahara Group to refund his investments, marking the first such individual action amidst an ongoing dispute with SEBI over repayment of dues to nearly 3 crore investors.
SEBI has frozen the assets and bank accounts of Sahara group firms, affecting key real estate projects including Aamby Valley due to compliance failures with a Supreme Court order.
The Supreme Court of India criticizes SEBI for failing to take legal action against the Sahara Group for not complying with an order to produce investment documents.