The Enforcement Directorate has provisionally attached immovable properties worth Rs 207 crore from Madurai-based Neomax Properties Pvt Ltd and group firms across Tamil Nadu. This follows investor complaints of fraud, where high returns of 12-30% on plot projects were promised but not delivered, with funds diverted to shell entities amid manipulated accounts.
A 75-year-old Rajkot resident accuses six individuals, including developers, of defrauding him through forged documents and illegal resales tied to a 2011 mall project settlement, leading to a Rs 7.5 crore loss and a police complaint.
The Enforcement Directorate has provisionally attached 10 immovable properties worth Rs 15.41 crore linked to accused in a Rs 734 crore GST fake input tax credit scam, underscoring strict regulatory actions in Ranchi's real estate market. This move highlights ongoing efforts to curb fraud in the sector.
The Central Bureau of Investigation has started searches across Mumbai targeting builders and financial officials. This Supreme Court-directed action focuses on alleged fraud through subvention schemes that cheated homebuyers. Officials seized incriminating documents and digital evidence amid ongoing probes.
The Supreme Court has directed a CBI investigation into a scam involving builders and banks through interest subvention schemes, leaving homebuyers burdened with EMIs for unfinished homes and highlighting issues with project delays and regulatory enforcement.
Madras High Court rejects bail for Pon Vasanth, husband of Madurai Mayor Indrani, in the ₹200-crore property tax scam case. The SIT probes software manipulation causing massive revenue loss; opposition parties demand transparency in the ongoing investigation.
TG RERA fines Jakkepalli Sri Lakshmi ₹6.17 lakh for promoting unregistered Aaditri's Empire project and fabricating receipts. Only ₹44.9 lakh of ₹1.2 Cr reached builder. Authorities order project completion and warn non-compliant entities.
The SC-appointed Lodha Committee flags illegal sales of 50 plots in Mohali's Sector 104 linked to the ₹48,000 crore Pearl Scam. Sold at one-third market value without proper registration, these transactions involve influential figures.
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.
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.
The Enforcement Directorate (ED) is investigating Omkar Developers and Piramal Group for a Rs. 2,000 crore loan amidst money laundering allegations. Omkar promoters were arrested, and Sachin Joshi was implicated in laundering Rs. 87 crore.
New norms are drafted by the stamp duty and registration department to reduce the increasing property transaction frauds. Individuals authentication and birthmarks declaration are added.