ED Raids on Rohtas Projects Amidst Rs 248 Crore Fraud Investigation

New Delhi/Lucknow, Aug 13 (PTI): The Enforcement Directorate (ED) conducted searches on Wednesday targeting an Uttar Pradesh-based real estate company as part of a money laundering investigation.

The company, Rohtas Projects Ltd., is accused of allegedly defrauding investors of Rs 248 crore, as per official sources. Eight locations in Lucknow and two in Delhi are being searched in connection with the case.

The action is being undertaken under the Prevention of Money Laundering Act (PMLA), sources stated. The money laundering case is based on 87 FIRs filed by dissatisfied home and commercial space buyers since 2021, who claim they were duped and not provided with their purchased properties.

A forensic audit conducted by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has pegged the "proceeds of crime" at Rs 248 crore. Sources indicated that the searches aim to uncover evidence and identify assets for attachment, as the company's promoters have been "absconding" for the last four years.

The promoters in question have been identified as Piyush Rastogi, Paresh Rastogi, and Deepak Rastogi. Attempts to contact the promoters or their legal representatives for a comment regarding the ED's actions were unsuccessful.