BENGALURU, 24 JUNE

Enforcement Directorate (ED) on Monday conducted simultaneous searches at the residences and offices of prominent builders in the City. The raids were carried out at 11 locations including UB City, Kingfisher Tower, Malleswaram, Basaveshwaranagar, Bannerghatta Road, Hanumanthanagar, and two locations in Mysuru.

This action was prompted after the ED received complaints of cheating, illegal transactions, and property tax payment irregularities from local civic authorities.

The investigation agency began the searches in the early morning, targeting houses and offices. The builders were accused of cheating customers under the pretext of providing property sites, irregularities in property deeds, undervaluing real estate properties, and evading tax registration.

The ED conducted similar raids at eight locations in Bengaluru on 29 February and 1 March related to a money laundering case and seized Rs 11.5 crore and various documents. The recent raids are part of an ongoing investigation into money laundering and other financial crimes in the real estate sector. -Salar News