The Directorate of Enforcement (ED), Lucknow zonal office, conducted a series of searches on April 30 at five different locations across Ghaziabad, Lucknow, and New Delhi as part of their ongoing investigation into a multi-million land scam involving Ansal Properties & Infrastructure Ltd. (Ansal API) and its executives. The searches targeted the residences of Pranav Ansal (promoter/director), Deepak Movar (director), other senior employees, and the corporate offices of the real estate giant.
The ED’s investigation is based on over 100 FIRs filed across Uttar Pradesh, Delhi, Haryana, and Punjab, which accuse the company of large-scale fraud, criminal breach of trust, and cheating of homebuyers. According to these FIRs, the fraud amounts to Rs135.51 crore, with investors and homebuyers being lured into projects that were either never completed or handed over to them.
As the probe unfolded, it was revealed that a significant portion of the funds collected from buyers was misappropriated and diverted. Despite several summons, the senior management of Ansal API failed to cooperate with the investigation and did not provide the necessary financial details.
During the searches, the ED seized numerous incriminating documents and digital devices, including:
Financial details and project-level financials of Ansal Group
Bank account details of 174 subsidiaries and group companies of Ansal API
A list of 62 immovable properties worth Rs217.80 crore, held in the name of Pranav Ansal, his family members, and associated entities. This list was recovered from a seized mobile device.
The action by the ED follows a report from UPRERA (Uttar Pradesh Real Estate Regulatory Authority), which uncovered serious financial irregularities committed by the real estate firm. Earlier, in April 2024, the Income Tax department also conducted a search at Ansal API’s premises in Lucknow, seizing documents related to alleged tax evasion and suspicious transactions.
Ansal Properties’ controversial growth has also been linked to policy relaxations, including an expansion of its township licence from 1,335 acres to 6,500 acres under the 2003 Hi-Tech Township Policy.
The ED’s investigation is continuing, and further actions are expected to unravel more details about the company’s financial dealings and the role of its top executives in the fraudulent activities.
