The directorate of enforcement (ED) has provisionally attached immovable properties worth ₹129.80 crore in a money laundering investigation linked to an alleged real estate fraud involving homebuyers and investors in Ahmedabad. ED's Ahmedabad zonal office issued the Provisional Attachment Order on August 14, 2026, under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002, against Ronak Ravjibhai Sonani, Vipulbhai Gordhanbhai Gangani, Keshav Narayan group and others. They allegedly also promised assured returns ranging from 54% to 100%.
The investigation relates to allegations that homebuyers, small investors, traders and middle-class families were cheated through real estate schemes in Ahmedabad.
5 FIRs Triggered ED Investigation
According to ED, the money laundering investigation was initiated on the basis of five first information reports (FIRs) registered by the DCB police station, Satellite police station, Navrangpura police station and Bopal police station in Ahmedabad.
Charge-sheets have also been filed against Mr Sonani, Mr Gangani and others for alleged offences under various provisions of the Bharatiya Nyaya Sanhita, 2023.
ED said its investigation found that the accused allegedly projected their real estate schemes as genuine projects and attracted buyers by offering flats and shops at attractive pre-launch prices.
However, the projects were allegedly marketed without mandatory approvals, including non-agricultural (NA) permission and registration under the Real Estate (Regulation and Development) Act, or RERA.
About 250 Buyers Allegedly Affected in Chharodi Project
ED said money was collected from about 250 buyers and investors in the Chharodi project.
In another project, Akshar Anant at Shela, money was collected from more than 44 buyers and investors, according to the agency.
The promised flats and shops were allegedly not delivered, while the money collected from the buyers was also not refunded.
The agency alleged that the accused adopted a planned method to induce investors, collect funds, divert the money and subsequently conceal or transfer properties acquired from the alleged proceeds of crime.
Land Allegedly Transferred after Money Collection
In the Chharodi project, buyers were allegedly told that RERA registration and NA permission were 'under process'.
ED said the land earmarked for the project was subsequently sold or transferred to Keval Mahendrabhai Patel, Ashish Vishnubhai Patel and others, leaving the buyers without the promised properties.
A similar pattern was allegedly followed in the Akshar Anant project at Shela.
According to the agency, memorandums of understanding (MoUs) and similar documents were issued to make the project appear genuine before the project was subsequently shut down.
The land was then allegedly transferred to Purav Rameshchandra Patel, Diprajvirsinh Vikramsinh Zala, Mahendrasinh Pradhumansinh Chudasma and others.
ED Alleges Dummy Sale Deeds, Fictitious Payments
The investigation further revealed, according to ED, that properties were transferred to third parties through dummy sale deeds without genuine consideration being paid.
The agency alleged that fictitious payment details were shown in registered documents to make the transactions appear legitimate.
ED has consequently provisionally attached properties that it has identified as representing proceeds of crime.
The attached assets include, 6,603.332sqmtr of land at Chharodi, 7,284sqmtr land at Shela and 30,798sqmtr land at Jesangpura and Agol in taluka Kadi.
The total value of the provisionally attached immovable properties is ₹129.80 crore.
ED said the attachment has been carried out to prevent further sale, transfer or concealment of the properties.
It added that the action would assist confiscation proceedings and could facilitate restitution to rightful claimants under the PMLA.
The agency said it remains committed to tracing and restraining proceeds of crime and protecting the interests of victims and legitimate claimants.
The investigation is continuing.
ED Warns Home-buyers against High Return Promises
ED has also issued a caution to home-buyers and investors following the investigation. It advised prospective buyers to verify RERA registration, statutory approvals, title documents, land records and encumbrance details before making payments.
Buyers should also check whether a property is mortgaged or involved in any dispute.
The agency warned buyers not to rely solely on oral promises, booking forms, notarised documents or assurances given by brokers. It advised them to insist on a proper agreement to sell or a registered sale deed.
Promises of unusually high returns, guaranteed buybacks or steep discounts should be treated as warning signs, ED said.
It also advised buyers to report cases in which builders refuse to provide documents, demand cash, delay registered documents, fail to refund money or attempt to transfer project land to third parties to law enforcement agencies, RERA and other competent authorities.
