According to the ED’s Lucknow Zonal Office, these properties were originally purchased for about Rs 158.85 crore, but their current market value has increased several times.
File Photo: IANS
The Enforcement Directorate (ED) has taken major action in a large-scale real estate fraud and money laundering case in Lucknow by attaching 77 movable and immovable properties worth around Rs 350 crore linked to the Rohtas Group.
According to the ED’s Lucknow Zonal Office, these properties were originally purchased for about Rs 158.85 crore, but their current market value has increased several times. The investigation revealed that the Rohtas Group allegedly cheated investors of nearly Rs 600 crore under the guise of real estate investments.
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Of the attached assets, properties worth Rs 141.21 crore are registered in the names of Rohtas Group promoter Deepak Rastogi, his associate company Vardhan Township Private Limited, Adhyay Realty Infrastructure LLP, and several benamidars. Additionally, properties valued at Rs 17.64 crore were found registered in the name of Highness Infra Developers Private Limited.
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All the immovable properties are located in different areas of Lucknow.
The ED initiated the probe based on 83 FIRs filed by aggrieved investors. On the basis of these complaints, a money laundering case was registered against the Rohtas Group. The investigation found that Rohtas Projects Limited collected huge sums from customers for plot and flat bookings in the name of township projects on Sultanpur Road, Raebareli Road, and the Rohtas Plumeria project.
The company had promised investors either possession of the property within 30 months from the date of booking or a one-time refund of 150 percent of the booking amount. However, even after the stipulated period elapsed, no development work was carried out at the project sites, and investors’ money was not returned.
Further investigation revealed that the funds collected from buyers were diverted by the promoters to purchase land in the names of associate companies and benamidars. To conceal these assets, the properties were first transferred to Vardhan Township Private Limited and later to Adhyay Realty Infrastructure LLP.
The ED also found that Deepak Rastogi mortgaged some benami plots with banks to obtain legitimate banking funds. The agency is currently probing the entire network in detail, and more revelations are expected in the coming days.
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