ED provisionally attaches Shobha’s assets worth Rs 201.60 cr under PMLA Real Estate News, ET RealEstate

New Delhi: The Enforcement Directorate (ED) has provisionally attached proceeds of crime (PoC) in the form of immovable properties worth Rs 201.60 crore through Provisional Attachment Order (PAO)-32/2022 under the provisions of Prevention of Money Laundering. Have done Act, 2002 (PMLA). Gracesaid in a media release.

Sobha informed in its BSE filing, “As per the provisional attachment order, the authority has provisionally attached certain lands Kerala Value of Rs. 201.60 cr. It may please be noted that the company currently has no plans to develop these lands. Therefore, the said provisional attachment does not have any short or medium term impact on the operations of the company. The company believes that there has been no wrongdoing on its part and is, therefore, confident of achieving a favorable outcome through appropriate legal remedy.”

According to a media release, the case was initiated by the Haryana Police against Shobha and others on the basis of an FIR registered by the Directorate of Town and Country Planning (DTCP), Haryana for defrauding the general public to sell plots and in violation of rules . “No Profit No Loss (NPNL)” category at exorbitant market prices Sobha International City, Gurugram,

The Haryana Police has already filed a charge sheet against Shobha and others associated with the company for this crime.

Acting on the FIR lodged by the Haryana Police, the ED initiated its investigation and it was found that the management of Shobha had violated a pre-determined plan to frustrate the intent of the NPNL scheme and in a pre-determined manner The plots were allotted to their own employees. The units were later sold to the general public as villas at exorbitant prices. In a pre-planned manner, the company incorporated 59 Limited Liability Partnerships (LLPs) by making its employees as designated partners and transferred funds of Rs. These 59 LLPs were indirectly given Rs 29 crore so that they can buy 59 plots at a price of Rs 48 lakh fixed under the scheme.

Immediately after the sale of these plots to the LLP, these LLPs transferred these plots to Eunomia Developers LLP (an entity directly controlled by Sobha) has only one Designated Partner. In return, these LLPs sold plots to the general public and collected around Rs. Generated PoC of Rs. 201 crores.

As the POC was already liquidated by Shobha, lands equivalent to book value of about Rs 201 crore have been attached by the ED, including the company’s land bank in Kerala through one of its controlled entities. Is.
technobuild developers.company in its regulator The filing said that it has been making appropriate disclosures about the matter from time to time in the financial results/statements and has fully cooperated with the authorities.

In 2019, Enforcement Directorate Searches were conducted at 17 premises of Sobha and her management. The ED had arrested two persons named Ashok Solomon and Prakash Gurbakshani and a prosecution complaint was filed against them. Cognizance of the same has already been taken by the Special Court, Gurugram.

With this attachment, the total value of the attached assets has gone up to about Rs 311 crore. Further investigation is in progress, the ED said in its media release.