Mar 28, 2025 10:34 PM IST
ED officers stated the connected property was constructed utilizing proceeds from the unlawful sale of retailers by Pankaj Gupta, a associate of M/s Ranjana Associates
The Lucknow zonal workplace of the Enforcement Directorate (ED) has connected a constructing value round ₹69.50 lakh of M/s Ranjana Associates situated at a plot in Sector-7 of Meerut’s Jagriti Vihar underneath the provisions of the Prevention of Cash Laundering (PMLA) Act 2002, senior ED officers confirmed on Friday.
A senior ED official stated the investigation was began based mostly on an FIR registered by Nauchandi and medical faculty police stations of Meerut associated to fraudulent sale of retailers. (For Illustration)
In a press notice shared with media, the ED officers stated the connected property was constructed utilizing proceeds from the unlawful sale of retailers by Pankaj Gupta, a associate of M/s Ranjana Associates. They stated the ED’s investigation uncovered critical violations, together with the illegal sale of retailers utilizing solid paperwork, resulting in vital monetary loss to the general public.
A senior ED official stated the investigation was began based mostly on an FIR registered by Nauchandi and medical faculty police stations of Meerut associated to fraudulent sale of retailers. He stated the probe revealed that Pankaj Gupta, performing as a associate in M/s Ranjana Associates, violated a number of provisions of the rent-installment buy settlement with UP Avas Evam Vikas Parishad.
He stated Gupta unlawfully bought outlets and workplace areas on the plot with out correct consent and with solid sale agreements for unlawful monetary acquire and wrongful loss to the consumers. The proceeds of those unlawful transactions, amounting to Rs. 69.5 Lakh, have been used for the development on the plot, thereby constituting Proceeds of Crime (POC) underneath the PMLA, 2002.
The official stated the investigation additionally revealed that these actions led to a breach of contract, prison exercise and monetary loss to consumers and the state authorities. “As a result, the immovable property is now provisionally attached to prevent further dissipation of assets. Further investigation is under progress,” he added.
