{"id":9712,"date":"2025-11-21T19:16:27","date_gmt":"2025-11-21T19:16:27","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=9712"},"modified":"2026-02-18T18:37:13","modified_gmt":"2026-02-18T18:37:13","slug":"real-estate-project","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/real-estate-project\/","title":{"rendered":"ED Search on cheating &#038; Noncompletion of real estate project"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9714\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/11\/ED-.png\" alt=\"ED\" width=\"1201\" height=\"661\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/11\/ED-.png 660w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/11\/ED--300x165.png 300w\" sizes=\"(max-width: 1201px) 100vw, 1201px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a1f0c6324278\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a1f0c6324278\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/real-estate-project\/#ED_Search_Operation_on_cheating_non-completion_of_real_estate_projects\" title=\"ED Search Operation on cheating &amp; non-completion of real estate projects \">ED Search Operation on cheating &amp; non-completion of real estate projects <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/real-estate-project\/#CIRP_Approval\" title=\"CIRP Approval: \">CIRP Approval: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/real-estate-project\/#You_may_also_review_the_other_article\" title=\"You may also review the other article \">You may also review the other article <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"ED_Search_Operation_on_cheating_non-completion_of_real_estate_projects\"><\/span><span style=\"color: #000080;\"><strong>ED Search Operation on cheating &amp; non-completion of real estate projects <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Enforcement Directorate Search operation in six locations in Delhi and Gurugram on cheating &amp; non-completion of real estate projects. Search operations conducted by ED. Such a search was conducted with the objective of investigating undervaluation of land through misuse of the IBC process on 20.11.2025 at six locations in Delhi and Gurugram.<\/p>\n<p>The Enforcement Directorate Search Operation is in connection with an undervalued sale of land through misuse of IBC process. The searches included middlemen who were not part of the insolvency process, resolution professionals, NCLT advocates, and buyer of the property M\/s RDB Infrastructure and Power Ltd promoted by Vinod Duggar.<\/p>\n<p>The basis of the investigation is Over 30 FIRs were registered under IPC 1860 against MS <a href=\"https:\/\/carajput.com\/archives\/ed-search-operation-on-cheating-and-non-completion-of-real-estate.pdf\">Universal Buildwell Pvt. Ltd. and its promoters for non-completion of real estate projects and cheating homebuyers\/investors<\/a>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"CIRP_Approval\"><\/span><span style=\"color: #000080;\">CIRP Approval: <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Resolution plan approved by NCLT involving homebuyers and financial creditors. Certain assets are directed to be handed over to homebuyers; the remaining assets are to be liquidated.<\/p>\n<p>Findings Land was undervalued at a throwaway price during resolution, &amp; market value (even at government rates) was much higher than the proposed sale value.<\/p>\n<p>The Enforcement Directorate, Gurugram Zonal Office, conducted search operations on 20 November 2025 at six locations across Delhi and Gurugram in connection with an alleged undervalued sale of land through misuse of the Insolvency and Bankruptcy Code process.<\/p>\n<p>The searches were carried out at the premises of Middlemen allegedly involved despite having no official role in the insolvency process, The Resolution Professional handling the case, Advocates associated with NCLT proceedings, &amp; The buyer entity, <em>M\/s RDB Infrastructure and Power Ltd<\/em>, promoted by Vinod Duggar<\/p>\n<p>Digital evidence was found, like mobile phones containing draft invoices showing illicit consideration and arrangements for illegal gains outside the IBC\/NCLT framework.<\/p>\n<p>During the search, the ED recovered and seized unexplained cash of approximately \u20b950 lakh, various incriminating documents, &amp; significant digital evidence supporting the ongoing investigation. Section 17 of PMLA, 2002, invoked the seizure of INR 50 lakh in unexplained cash from intermediaries, including an advocate practicing before NCLT.<\/p>\n<p>Further evidence of manipulation of the bidding process and collusion between intermediaries and advocates. Social media data revealed a nexus with a private bank official who secured credit and benefited from undervaluation.<\/p>\n<p>ED Observations Homebuyers (SRAs) were allegedly complicit in undervaluation to maximize asset value. Material seized points to negligence on the part of the Resolution Professional. Status Further investigation is under progress. The action forms part of the ED\u2019s inquiry into alleged irregularities, diversion of assets, and manipulation of valuation during the resolution process under the IBC.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9713\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/11\/0781b8d8-600d-4512-8bf9-b874c37b0655.jpeg\" alt=\"ED Search Operation on cheating &amp; non-completion of real estate projects\" width=\"1138\" height=\"1610\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/11\/0781b8d8-600d-4512-8bf9-b874c37b0655.jpeg 595w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2025\/11\/0781b8d8-600d-4512-8bf9-b874c37b0655-212x300.jpeg 212w\" sizes=\"(max-width: 1138px) 100vw, 1138px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"You_may_also_review_the_other_article\"><\/span><span style=\"color: #000080;\"><strong>You may also review the other article <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/learn\/four-pillars-of-the-insolvency-bankruptcy-code\">Four Pillars of the Insolvency &amp; Bankruptcy Code<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/category\/insolvency-and-bankruptcy-code\/\">Category: Insolvency and Bankruptcy Code<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/checklist-of-compliance-requirements-for-rps\/\">checklist of compliance requirements for RPs under IBC<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/initiation-of-liquidation-under-the-ibc\/\">Overview on Initiation of Liquidation under the IBC<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/learn\/penalty-insolvency-professional-under-ibc-regulations\">Penalty Insolvency Professional under IBC regulations.<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/afa-under-ibc\/\">Overview on Mandatory Requirement of AFA under IBC Code<\/a><\/li>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/dos-donts-for-ips-during-moratorium-under-ibc\/\">Do\u2019s &amp; Don\u2019ts for IPs During Moratorium under IBC<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/tag\/ibc-regulation\/\">IBC Regulation<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/services\/ibc-help-homebuyers.php\">IBC Help Homebuyers<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>ED Search Operation on cheating &amp; non-completion of real estate projects Enforcement Directorate Search operation in six locations in Delhi and Gurugram on cheating &amp; non-completion of real estate projects. Search operations conducted by ED. Such a search was conducted with the objective of investigating undervaluation of land through misuse of the IBC process on &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[658],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9712"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=9712"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9712\/revisions"}],"predecessor-version":[{"id":9716,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/9712\/revisions\/9716"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=9712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=9712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=9712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}