LUCKNOW: The Lucknow zonal office of the enforcement directorate (ED) has registered a case under the prevention of money laundering Act (PMLA), 2002, against ATS Group of Companies. The case was registered after homebuyers in Noida faced delays and issues with projects developed by the group, including the developer’s land dealings worth over Rs 3,400 crore.
The case was registered based on FIRs against the company directors who had lured investors to invest in their residential project in Noida, with promises of significant returns through a buy-back scheme.
As per the scheme, the company had agreed to buy back the allotted apartments at a premium after 36 months and issued post-dated cheques, which bounced. So far, four cases have been registered against the group by EOW Delhi and 10 by Noida police.
The ED’s Lucknow zonal office is investigating 63 companies connected to the group, some of which are undergoing insolvency proceedings. ED has also sought to submit details of land allotments to any of the group companies, either as a sole bidder or as part of a consortium.
The ED also requested “details of payments (dues) made by the group companies and any delays therein, as well as details of discrepancies found in the execution of works in violation of the terms of allotment, if any.”
The ED asked the Noida officials to provide details of any registered FIRs, cancellations of allotments and any other coercive actions taken against the allottee companies or consortium.
The Noida official body issued a notice to the group, seeking its action plan within a week for settling its dues.
