Enforcement Directorate attaches Rs 129.80 crore in Ahmedabad real estate fraud

The Enforcement Directorate (ED) has attached immovable properties valued at Rs 129.80 crore in connection with a real estate fraud case in Ahmedabad. The action follows a provisional attachment order issued under the Prevention of Money Laundering Act, 2002.

The investigation involves Ronak Ravjibhai Sonani, Vipulbhai Gordhanbhai Gangani, and the Keshav Narayan Group. According to the agency, the accused targeted homebuyers and small investors by marketing real estate schemes as genuine projects with promised returns ranging from 54 per cent to 100 per cent.

Authorities stated that these projects lacked mandatory approvals, such as Non-Agriculture (NA) permission and Real Estate (Regulation and Development) Act registration. In the Chharodi scheme, funds were collected from approximately 250 buyers, while the Akshar Anant scheme involved over 44 investors. The agency noted that promised properties were never delivered and funds were not refunded.