The Enforcement Directorate has searched three premises linked to former Haryana minister and businessman Gopal Kanda in Gurugram in a real-estate investment case involving allegations that ₹248.46 crore raised from 661 investors was diverted to other companies. The searches were conducted under Section 17 of the Prevention of Money Laundering Act, according to officials cited in the report by Live Hindustan – NCR.
The action is linked to a case registered against real-estate company Vatika Limited. The premises searched included Kanda’s residence, farmhouse and office in Gurugram. The agency is examining the financial trail of money collected from investors and the alleged transfer of funds to companies connected with Kanda.
According to the Enforcement Directorate’s investigation, investors were encouraged to put money into four commercial projects on the promise of timely possession, assured returns, lease rentals and execution of sale deeds. The agency’s findings, as reported, allege that the investors had neither received possession of the projects nor completed sale deeds despite the money being collected.
The amount under investigation is approximately ₹248.46 crore, raised from about 661 investors through the four projects. The case therefore concerns not only the alleged movement of funds but also the unresolved delivery of commercial real-estate assets and contractual commitments made to purchasers.
The ED is examining whether money received from homebuyers and investors was diverted after collection and subsequently transferred to various companies associated with Kanda. The searches are intended to trace transactions and establish the links between the real-estate projects, the collected funds and the entities that allegedly received the money.
The investigation highlights the financial risks faced by investors when project collections, promised returns and asset delivery do not remain aligned. In commercial real estate, commitments such as lease rentals, assured returns and sale deeds can create an expectation of both an income stream and eventual ownership. The reported absence of possession and sale deeds has brought those commitments within the scope of the agency’s money-laundering investigation.
The case also places attention on how funds raised for specific real-estate projects are tracked across related corporate entities. The ED’s reported focus on transfers to companies connected with Kanda indicates that investigators are attempting to reconstruct the movement of money rather than examining the project promises in isolation.
The searches do not by themselves establish criminal liability. The allegations remain subject to investigation and due legal process. The agency’s next steps will depend on the documents, transaction records and other material collected during the searches and on the financial links established as the probe progresses.
The ED has not, in the supplied report, announced a final finding or indicated when the investigation will be completed. Further action is expected to follow the examination of the financial trail connected with the four projects and the three premises searched in Gurugram.
