ED Seizes Rs505 Crore Assets from Three C Shelters and Lakhani Group
Moneylife Digital Team 03 April 2025
The Gurugram zonal office of the enforcement directorate (ED) has provisionally attached assets worth Rs505.03 crore in two major financial fraud cases involving Three C Shelters Pvt Ltd and companies from the Lakhani group, including Lakhani India Ltd. The action, taken under the Prevention of Money Laundering Act (PMLA), 2002, is linked to misappropriation of funds from homebuyers and bank fraud.
 
Rs395 crore seized in Three C Shelters home-buyer scam
In the first case, ED attached Rs395.03 crore worth of immovable properties and equity shares linked to Three C Shelters and the company promoters, including Nirmal Singh and Vidur Bharadwaj. The company was developing the Greenopolis project in Gurugram's sector 89 but failed to deliver flats, despite collecting Rs873.83 crore from home-buyers over nine years.
 
ED's investigation found that the funds were diverted to related entities and shell companies under the guise of 'investments', leading to a loss exceeding Rs300 crore for home-buyers. The promoters also allegedly sold project inventory at artificially low prices to relatives and associates, siphoning off an additional Rs90 crore. 
 
Presently, Three C Shelters is undergoing insolvency proceedings, leaving home-buyers in financial distress.
 
Rs110 crore seized in Lakhani Group Bank fraud case
In the second case, ED attached assets worth Rs110 crore related to Lakhani India, Lakhani Rubber Udyog Pvt Ltd, Lakhani Apparel Pvt Ltd and other group entities. 
 
ED's investigation is based on multiple first information reports (FIRs) registered by the central bureau of investigation (CBI) in Delhi and Chandigarh, in 2021 and 2023. The FIRs accused the company's promoters, PD Lakhani and Suman Lakhani, of criminal conspiracy, cheating and defrauding banks.
 
The ED probe revealed that the Lakhani group misappropriated and diverted funds from Indian Overseas Bank, Punjab National Bank, and Allahabad Bank, causing a loss of about Rs162 crore. The company engaged in fraudulent transactions, including sales at a loss to related entities, repaying sister-concern loans, and making irregular interest payments to directors, the agency says.
 
The attached assets include five commercial plots (spanning over 20 acres), a two-acre farmhouse and a commercial office in the NCR region.
 
 
ED's crackdown on financial crimes highlights the increasing regulatory scrutiny on fraudulent business practices. Further investigations in both cases are ongoing.
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