Gurgaon: Enforcement Directorate (ED) conducted search and survey operations against real estate entities Imperia Wishfield (IWPL), Imperia Structures (ISL), their promoter-directors and the current resolution professional in a fund-diversion case.The searches were carried out on July 29 at eight residential and business premises in Delhi — under Prevention of Money Laundering Act (PMLA), 2002 — as part of the investigation into the alleged diversion of homebuyers’ funds and real estate fraud across Delhi-NCR, according to a release issued by ED on Thursday.The agency has registered an Enforcement Case Information Report (ECIR) against IWPL, ISL, their promoter-directors Harpreet Singh Batra, Brajinder Singh Batra, Pradeep Sharma, Avinash Sethi and others.The agency seized digital devices, financial records, tally data and documents purportedly detailing diversion of funds and investments made by homebuyers. It also seized cash worth Rs 50.5 lakh and three high-end luxury vehicles.The money-laundering probe stems from multiple FIRs registered in Haryana, Delhi and Uttar Pradesh. The complaints accuse the companies and their promoters of allegedly inducing investors into real estate projects, failing to deliver possession, defaulting on promised assured monthly returns and lease rentals and siphoning off funds collected from homebuyers.ED said its investigation has revealed that IWPL diverted money collected from buyers of the Elvedor residential project in Sector 37 in the city towards meeting other liabilities and extending loans and advances to related entities and associated persons. The agency said that while IWPL accepted bookings from buyers between 2011 and 2015, it failed to hand over possession of the units.ED estimates that IWPL collected approximately Rs 63 crore from buyers of the Elvedor project alone. It added that the proceeds of crime relating to other projects are still being quantified.ISL is also accused of accepting bookings in projects including Imperia Mindspace and Imperia Business Park in Greater Noida by promising timely possession along with assured monthly returns, but allegedly failed to honour those commitments.Investigators have alleged that in several instances, bookings for the same unit were accepted from multiple buyers. According to ED, instead of executing buyer-builder agreements (BBAs), the company executed only memoranda of understanding (MoUs) that did not specify unit identification or possession timelines. The Elvedor project is currently undergoing resolution proceedings.
