ED, Lucknow Zonal Office (ED), has carried out search operations under PMLA, 2002, at 4 locations related to builder Sandeep Singh, and office bearers of Seva Suraksha Sahkari Awas Samiti, in Ghaziabad
FinTech BizNews Service
Mumbai, 28 June 2026: Directorate of Enforcement (ED), Lucknow Zonal Office (ED), has carried out search operations under the provisions of PMLA, 2002, at 4 locations related to builder Sandeep Singh, and office bearers of Seva Suraksha Sahkari Awas Samiti, in Ghaziabad, Noida and Delhi in connection with a money laundering case related to land and real estate fraud in Ghaziabad. ED initiated an investigation on the basis of 3 FIRs registered by UP Police, for offences punishable under various Sections of IPC, 1860 which are scheduled offences under the PMLA, 2002.
As per the FIRs, Sandeep Singh (Director of M/s Shrasth Propbuild Pvt Ltd) was the principal beneficiary and key conspirator in the fraud. He induced the Samiti’s members, who are retired officers of the Sashastra Seema Bal, by promising them 264 residential flats on half of the land of Samiti, in exchange for selling or development rights over the remaining half. FIRs further revealed that although the members were promised construction and delivery of residential flats within the stipulated period, or payment of monthly rent in case of delay, the project was not completed as promised. Instead, Sandeep Singh abused the agreement and sold half of the portion of land admeasuring 41,544 sq. m. to third parties, without completion of flats for the members, securing wrongful gains and depriving the members of their rightful entitlement.
ED is investigating the generation, concealment, possession, acquisition and utilisation of the Proceeds of Crime arising out of the scheduled offences, including the trail of funds and assets acquired therefrom. During the searches, several incriminating documents regarding the money trail, properties, financial statements of the company, etc., were seized under the provisions of PMLA, 2002. Further investigation is under progress.
