In a sweeping operation, India’s Enforcement Directorate raided Earth Infrastructure Limited and its network, seizing cash and valuables worth over Rs 13 crore. The April 10 searches, conducted by ED’s Delhi Zonal Office across 10 sites in Delhi and Gurugram, targeted promoters, directors, and linked entities under PMLA provisions.
The bounty included Rs 6.3 crore cash, Rs 7.5 crore in gold jewelry, silver ingots, and high-end watches. This action builds on Delhi EOW’s five FIRs invoking IPC charges against the company. SFIO’s separate complaint under Companies Act Section 447 adds to the legal pressure.
Earth Group’s ambitious projects—Earth Iconic, Earth Titanium, Earth Alakasa, Earth Gracia, Earth Skygate, and more—lured investors with guarantees. Over 19,000 buyers handed over Rs 2,024 crore expecting homes and returns. Instead, projects languish incomplete, possessions withheld.
Probe findings paint a picture of systematic fund diversion: acquisitions of land via benami entities, fake transactions, personal financing, dubious loans, and payouts to idle family members. Sales of assets further bleached the trail. Named individuals—Avdhesh Goyal, Rajnish Mittal, Atul Gupta, Vikas Gupta—face intense scrutiny.
This case underscores regulatory failures in realty, where billions vanish into thin air. ED’s aggressive stance aims to dismantle such syndicates, recover losses, and restore faith in the sector. Investors await justice as the investigation deepens.
