The Enforcement Directorate (ED) has attached land assets in Kerala worth Rs 201 crores under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) of Bengaluru-based real estate firm Sobha Ltd.
This case was initiated based on an FIR registered by Haryana Police against the developer and others for violating rules laid down by the Directorate of Town & Country Planning (DTCP), Haryana and defrauding homebuyers by selling plots meant for “No Profit No Loss (NPNL)” category at exorbitant market prices in the Sobha International City, Gurugram.
ED investigations revealed that the management misused the NPNL scheme over a series of transactions. "In a premeditated manner, the plots were allotted to its own employees/entities and were later sold to the general public as villas at exorbitant prices," ED said in a press statement.
Later, the developer floated 59 Limited Liability Partnerships (LLPs) making its employees designated partners and transferred Rs 29 crore indirectly to these 59 LLPs to enable them to purchase 59 plots at the price of Rs 48 lakhs as prescribed under the scheme, the ED investigation revealed.
"Immediately after the sale of these plots to LLPs, these LLPs transferred these plots to Eunomia Developers LLP (an entity under the direct control of Sobha Ltd) having the same designated partners. These LLPs then sold the plots to the general public and generated proceeds of crime (PoC) of Rs. 201 crores," ED added.
ED said the land bank attached in the case was held through one of Sobha's controlled entities, Technobuild Developers Pvt Ltd.
Haryana Police has already filed charge sheets against Sobha Limited and individuals connected to the offence.
"According to the provisional attachment order, the authority has provisionally attached certain lands in Kerala valued at Rs 201.60 crores. It may be kindly noted that the company currently has no plans to develop these lands. Hence, the said provisional attachment has no short or medium-term impact on the company's operations," Sobha said in a regulatory filing. The company believes that there has been no wrongdoing from its side and hence, is confident of obtaining a favourable outcome through appropriate legal recourse, the statement added.
Earlier in 2019, ED arrested Ashok Solomon and Prakash Gurbaxani after searching 17 premises of Sobha Limited. A prosecution complaint has been filed against them and Gurugram Special Court has already taken cognizance of the matter.
With this attachment, the total value of attached assets has reached Rs 311 crores, ED added.
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