The Enforcement Directorate(ED) has conducted search operations in connection with a money laundering case involving a Delhi-NCR based real estate developer Earth Infrastructures Limited and its group entities. In a statement, the ED said that searches were carried out at 10 premises yesterday in Delhi and Gurugram linked to directors, promoters and associated entities of the company.

During the operations, the agency seized cash worth around 6 crore 30 lakh rupees and jewellery valued at about 7 Crore 50 lakh rupees along with silver bullion and luxury watches. The ED said the investigation stems from multiple FIRs registered by the Economic Offences Wing of Delhi Police and a complaint filed by the Serious Fraud Investigation Office.

The agency alleged that the group collected over two thousand crore rupees from over 19,000 homebuyers by promising timely delivery of residential and commercial units but failed to complete projects or hand over possession. According to the ED, the funds were diverted through various means, including acquisition of properties, routing through shell entities and personal transactions.