ED attaches Rs 201 crore assets of real estate firm Sobha for money laundering in Gurugram

SOBHA CITY

NEW DELHI: The Enforcement Directorate has attached properties of real estate developer Sobha Ltd in Gurugram worth over Rs 201 crore in a money laundering case, taking the total assets seized so far in the case to more than Rs 311 crore.

Sobha Ltd was earlier booked by Haryana Police for allegedly cheating the public and selling properties in Sobha International City at exorbitant rates in an alleged violation of rules laid down by DTCP (Directorate of Town and Country Planning), Haryana. It had the permission of selling the plots meant only for the “no profit, no loss (NPNL)” category. Haryana Police has already filed chargesheets against Sobha Ltd and other related persons.
The ED’s own investigation under the Prevention of Money Laundering Act revealed that the management of Sobha Ltd had flouted rules with an intent to sidestep the NPNL scheme. “The plots were allotted to its own employees/entities and were later sold to the general public as ‘villas’ at exorbitant prices,” the ED said.

It has accused the developer of devising a plan in which Sobha Ltd floated 59 LLPs (limited liability partnerships) making its employees as designated partners and transferred funds of Rs 29 crore indirectly to the LLPs to enable them purchase 59 plots at Rs 48 lakh each as stipulated under the scheme.

“Immediately after the sale of these plots to the LLPs, these LLPs transferred the plots to Eunomia Developers LLP (an entity under direct control of Sobha Ltd) having the same designated partners. This LLP in turn sold the plots to the general public and generated proceeds of crime of Rs 201 crore,” the ED has alleged.

The Company's statement