Gopal Kanda premises raided by ED in Rs 248 crore fraud probe

The Enforcement Directorate (ED) conducted searches at three premises in Gurugram linked to former Haryana Minister Gopal Kanda on Thursday. The raids, carried out under Section 17 of the Prevention of Money Laundering Act (PMLA), targeted Kanda’s residence, office, and farmhouse.

The investigation is part of a probe into an alleged Rs 248.46 crore real estate fraud involving Vatika Limited. According to the agency, approximately 661 investors were induced to invest in four commercial projects based on promises of timely possession, assured returns, lease rentals, and the execution of sale deeds. However, the ED alleges that possession has not been handed over and the promised deeds have not been executed.

Officials stated the searches were initiated following a financial trail suggesting the diversion of homebuyers’ funds to various companies linked to Kanda. This action follows previous searches conducted by the ED at Vatika premises in August, during which assets valued at approximately Rs 33 crore were reportedly seized.