ED raids Gurugram realty group in Rs 500 cr fraud case

The Enforcement Directorate (ED) on Monday conducted raids on a Gurugram-based realty group, 32nd Avenue , in connection with a Rs 500 crore alleged investor fraud case , officials said.

The searches were carried out at seven locations across Delhi-NCR and Goa , all linked to the real estate group, as part of an ongoing probe under the Prevention of Money Laundering Act (PMLA) .

According to officials, the case is based on multiple FIRs filed by Haryana Police’s Economic Offences Wing (EOW) after complaints from investors who alleged they were cheated through assured return and commercial investment schemes . The complaints include allegations of delayed rent payments, non-deposit of TDS, and failure to honour lease commitments in several cases.

Investigators also noted that in earlier stages of the probe, investors alleged that the group had sold the same commercial unit or floor to multiple buyers , triggering widespread financial losses. The estimated fraud is believed to exceed Rs 500 crore , as per police and ED inputs.

The company’s promoter-directors, including key figures linked to the project, are reportedly either absconding or already in judicial custody in related cases. In earlier police action, a senior executive of the group was also arrested over allegations of duplicating property sales and misleading investors with guaranteed returns .

Officials further said the ED is now examining the money trail, fund diversion patterns, and possible laundering of investor funds , along with identifying assets that may be attached in future proceedings.

The group operates in Delhi-NCR and Goa , but neither the company nor its promoters were available for comment.