The Enforcement Directorate (ED) on Thursday conducted searches at premises linked to Haryana Lokhit Party leader and businessman Gopal Kanda in connection with an alleged large-scale real estate fraud case.
According to officials familiar with the investigation, the ED’s Gurugram office is probing alleged financial irregularities involving four commercial real estate projects of Vatika Limited. Investigators said investors were allegedly encouraged to put money into these projects on assurances of timely possession, assured returns, lease rentals and execution of sale deeds.
The four projects under investigation reportedly involved the collection of around ₹248.46 crore from 661 investors. According to the ED, possession of the properties had not been handed over and the promised sale deeds had not been executed as of the time of the investigation.
Based on the financial trail being examined by the agency and suspected diversion of investors’ funds, ED teams conducted searches at three locations in Gurugram on Thursday. The premises included a residence, farmhouse and office linked to Kanda.
Officials said the investigation has also traced funds allegedly diverted from the real estate projects to various companies linked with Kanda. The agency is examining the movement of the money and the role of entities connected to the businessman.
The searches are part of an ongoing investigation, and the allegations being examined by the ED have not yet been established through a final judicial finding.
Kanda, who is also associated with the Haryana Lokhit Party, is a former legislator from the Sirsa assembly constituency. He contested the 2024 Haryana Assembly election but was defeated by Congress candidate Gokul Setia.
Kanda’s lawyer, advocate Arun Khatri, said they were currently trying to ascertain the details of the ED case.
The latest searches come as the agency continues to investigate the alleged financial transactions connected to the real estate projects. Investigators are expected to examine documents, financial records and other material recovered during the searches to establish the flow of funds and determine the responsibilities of the individuals and companies involved.
The ED’s investigation focuses particularly on the alleged collection and subsequent movement of investors’ money. The agency is also looking into whether funds meant for the development and delivery of the projects were transferred to other entities.
The case highlights the importance of examining financial transactions in large commercial property projects, particularly where investors have paid money against assurances relating to possession, returns or execution of sale documents.
As the investigation progresses, further details may emerge regarding the transactions under scrutiny and the entities allegedly involved. Any prosecution or further legal action will depend on the evidence gathered by the agency and subsequent proceedings before the appropriate authorities or courts.
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