The Enforcement Directorate (ED) has provisionally attached ₹4 crore in bank assets belonging to Vinayak Nirman Private Limited. This action stems from allegations that the real estate firm fabricated project completion documents for a residential project in Varanasi. The attachment was executed under the Prevention of Money Laundering Act, 2002, as part of an ongoing investigation into the firm’s alleged financial misconduct.
The case was prompted by a First Information Report (FIR) filed by the Uttar Pradesh police at the Cantonment, Varuna Commissionerate in Varanasi. The FIR, lodged after information from the Income Tax department, accuses Vinayak Nirman of using a forged project completion certificate to secure undue tax deductions. Specifically, the company allegedly exploited this falsified certificate to claim benefits under Section BOIB of the Income Tax Act, 1961, which pertains to deductions for completed projects.
This action by the ED underscores its commitment to curbing financial fraud in the real estate sector. The provisional attachment of ₹4 crore serves as a critical step in addressing the misuse of official documents and financial resources. It also highlights the collaboration between various regulatory bodies, including the Income Tax department and the Uttar Pradesh police, in ensuring corporate accountability. The case continues to unfold as further investigations are conducted, aiming to bring transparency and justice to the financial dealings of Vinayak Nirman Private Limited.
