The Enforcement Directorate’s Ahmedabad zone is preparing to attach more properties in multiple fraud, hawala and real estate cases after attaching assets worth more than Rs 200 crore in investigations this year, according to a report by Nav Gujarat Samay. The action includes properties linked to an Ahmedabad real estate fraud case in which assets worth Rs 129 crore have already been attached.
The report said the agency has intensified investigations into several cases across Gujarat and completed preliminary work for identifying additional properties. Officials were cited as saying that further attachment proceedings could follow in cases where assets were allegedly acquired in the names of relatives, friends or other associates of accused persons.
In the Ahmedabad real estate case, builder groups identified as Ronak and Vipul, along with other associated builders, were accused of taking money from people without providing flats or shops promised to them. The Enforcement Directorate conducted searches and investigations in Ahmedabad, Shela, Anand, Kadi and Jeshangpura, following which properties valued at Rs 129 crore were attached, the report said.
The case highlights the financial consequences of real estate fraud beyond the immediate dispute between homebuyers and developers. When buyers pay for flats or commercial units that are not delivered, the investigation can extend to land, buildings and other assets allegedly connected to the proceeds of the suspected offence. Property attachment restricts dealings in those assets while proceedings continue, although attachment itself does not amount to a final conviction.
The agency is also investigating a case in Dahod involving alleged fake offices of the Irrigation and Water Resources Department that were used to obtain grants. Properties worth Rs 22.70 crore belonging to Abu Bakr Saiyed and his associates were attached earlier, according to the report. Investigators have reportedly prepared details of additional properties purchased in the names of close relatives and friends and are examining whether those assets should also be attached.
The report said the Ahmedabad zone has also attached properties worth more than Rs 90 crore in cases involving Electrotherm, steel-related fraud, and fraud connected with colour and chemical businesses. These cases form part of the broader asset-tracing activity being undertaken by the agency in Gujarat.
Other investigations mentioned in the report include an alleged land scam involving the Surendranagar collector and inquiries into two major data operators in Ahmedabad. The agency is also examining alleged manipulation of shares and the generation of large sums through investments presented as stock-market opportunities.
For Gujarat’s property market, the investigations bring renewed attention to how ownership is recorded, how development projects are financed and how assets may be transferred among connected individuals. The report does not provide details of the specific properties now under consideration for attachment or indicate when the next orders will be issued. Further action will depend on the agency’s investigation and the applicable legal proceedings.
