NEW DELHI (India CSR): The Enforcement Directorate (ED) has unearthed a massive real estate fraud involving the Orris Infrastructure Group and its collaborators. In an extensive operation conducted on November 25, the ED seized luxury cars, bank guarantees, fixed deposits, and incriminating documents, all tied to an alleged scam worth over Rs 500 crore. The investigation is centered on the Greenpolis housing project in Gurugram, where hundreds of homebuyers and investors claim to have been defrauded.
ED’s Raids Target Key Locations Across Delhi-NCR
Luxury Cars and Financial Assets Seized
During the operation, the ED confiscated luxury cars, including high-end models like Mercedes, Porsche, and BMW, from the residence of one of the directors and promoters of Orris Infrastructure Pvt Ltd. The raids also uncovered fixed deposits (FDs) and bank guarantees (BGs) worth Rs 31.22 crore, which were frozen along with the promoters’ bank accounts and lockers.
Search Operations at 14 Locations
The ED conducted searches across 14 locations in Delhi-NCR under the Prevention of Money Laundering Act (PMLA), 2002. The operation targeted the offices and residences of key figures, including Orris Infrastructure’s Vijay Gupta and Amit Gupta, and Three C Shelters Private Limited’s directors, Nirmal Singh Uppal and Vidhur Bhardwaj.
Orris Group Real Estate Fraud Case
| Fact | Details |
|---|---|
| Total Fraud Amount | Over Rs 500 crore |
| Primary Project Involved | Greenpolis residential project in Gurugram, Sector 89 |
| Companies Accused | Orris Infrastructure Pvt Ltd and Three C Shelters Pvt Ltd |
| Key Individuals Targeted | Vijay Gupta and Amit Gupta (Orris Group), Nirmal Singh Uppal and Vidhur Bhardwaj (Three C Shelters) |
| ED Raids Conducted | 14 locations across Delhi-NCR |
| Assets Seized | Luxury cars (Mercedes, Porsche, BMW), Fixed Deposits (₹31.22 crore), and Bank Guarantees |
| Bank Accounts Frozen | Bank accounts and lockers of promoters |
| Documents Recovered | Sale deeds, registration documents, financial records, laptops, and hard drives |
| Legal Framework | Investigation under the Prevention of Money Laundering Act (PMLA), 2002 |
| Origin of Investigation | Based on two FIRs filed by the Economic Offences Wing (EOW), leading to a chargesheet |
| Allegations | Cheating, criminal breach of trust, fund diversion, and fraud against hundreds of homebuyers |
| Impact on Homebuyers | Incomplete project, undelivered residential units, and loss of investments |
| Regulatory Concerns Highlighted | Need for stricter oversight to protect homebuyers and investors |
The Greenpolis Real Estate Fraud Case
Background of the Allegations
The investigation stems from allegations of cheating, criminal breach of trust, and fraud against Orris Infrastructure Private Limited and Three C Shelters Private Limited. The two companies collaborated to develop the Greenpolis residential project on a 47-acre land parcel in Gurugram’s Sector 89.
According to complaints, the project’s development rights were transferred to Three C Shelters, but both companies allegedly failed to deliver the promised residential units within the stipulated time.
Homebuyers Left in the Lurch
Hundreds of homebuyers and investors have accused the companies of siphoning off their funds, leaving the project incomplete. The Delhi Police’s Economic Offences Wing (EOW) had previously registered two FIRs against the accused, leading to a chargesheet that became the basis for the ED’s probe.
Incriminating Evidence Recovered
Documents and Devices Seized
The ED recovered a trove of incriminating materials during the raids, including sale deeds, registration documents, and financial records pointing to fund diversion and layering of finances. Laptops, hard drives, and other electronic devices were also seized, providing further insights into the alleged fraud.
ED’s Statement on Collusion and Fund Mismanagement
According to the ED, Orris Infrastructure and Three C Shelters conspired to misappropriate homebuyers’ money. Their actions included diverting funds, failing to meet project deadlines, and breaching trust. The investigation is now focused on unraveling the extent of financial mismanagement and identifying assets tied to the accused.
Impact on Homebuyers and Investors
Loss of Hard-Earned Money
The Greenpolis housing project was marketed as a premium residential development, drawing significant investments from middle-class homebuyers. However, the alleged fraud has left many without homes or refunds, raising concerns about regulatory oversight in the real estate sector.
Government’s Role in Addressing Real Estate Fraud
The case highlights the need for stricter regulations to protect homebuyers. Authorities are now under pressure to ensure justice for the victims and prevent similar scams in the future.
You Learn
The ED’s crackdown on the Orris group and its collaborators reveals the scale of financial irregularities plaguing the real estate sector. With luxury assets, frozen accounts, and critical documents seized, the investigation is expected to provide more clarity on the Greenpolis fraud.
For homebuyers and investors, the case serves as a stark reminder to exercise caution while investing in real estate. Meanwhile, the authorities must strengthen legal frameworks to prevent such fraudulent practices and hold wrongdoers accountable.
(India CSR)
