ED attaches properties worth Rs 42 cr in Manesar land case

Enforcement Directorate (ED) on Friday attached immovable properties worth Rs. 42.19 crores of ABW Infrastructure Ltd and its group companies in an alleged illegal land acquisition case in Haryana under the charges of Prevention of Money Laundering Act.

The investigation conducted by the ED revealed that the real estate company, allegedly acquired land from farmers at throwaway prices, under the threat of acquisition by the government between 2004 and 2007.

The group further procured plots from other land-owning companies and obtained licenses for various construction projects in an allegedly fraudulent manner in connivance with officials and bureaucrats of the Haryana government.

The company also allegedly earned undue profits worth more than Rs. 160 crores by selling some of the licenses at exorbitant prices and in order to evade the applicable taxes it entered into fake agreements to sell the different land portions with different entities, officials say.

According to the press release by the ED, selling-agreements were cancelled and false cancellation-cum-settlement agreements were prepared and amount to the extent of 6 to 7 times to the amount agreed in the selling agreement was shown to be paid to these entities as compensation for cancelling the agreements.

This compensation was credited to the bank accounts of these entities and was taken back as cash later.

Further investigation in the matter is still underway.