ED Raids Tashee Group: ₹386 Cr Homebuyer Fraud Probe in Delhi-NCR

The Directorate of Enforcement (ED) carried out extensive search and survey operations at seven premises across Delhi-NCR on August 19 and 20. These actions are part of a money-laundering investigation targeting the Tashee Group and its associated entities.

The ED’s Gurugram Zonal Office initiated the probe under the Prevention of Money Laundering Act (PMLA), 2002. This investigation was prompted by multiple First Information Reports (FIRs) and chargesheets filed by the Economic Offences Wing (EOW) of Delhi Police and Haryana Police.

Unpacking the Allegations Against Tashee Group

The complaints detail allegations of widespread cheating against homebuyers and investors. These individuals faced issues in two specific projects where properties were not delivered.

• Tashee Capital Gateway Project in Sector 111, Gurugram
• Orion Galaxy Project (formerly Spire South) in Sector 68, Gurugram

The ED’s investigation revealed that the Tashee Group allegedly collected substantial funds from homebuyers and investors. Despite receiving these amounts, the group reportedly failed to hand over property possession even after 10-15 years.

Key Financial Figures in the Fraud

• Approximately ₹386 crore collected from more than 600 homebuyers.
• Around ₹120 crore of investor funds reportedly misappropriated.
• ₹98 crore specifically identified as investments from the SWAMIH Investment Fund.

Further allegations include fraudulent procurement and diversion of the SWAMIH Investment Fund, housing loan fraud, and general investor fraud. The agency found that significant amounts collected were transferred between interconnected group companies and entities controlled by the promoters.

Promoter’s Alleged Overseas Activities

The investigation also uncovered details regarding the main promoter, Kashi Nath Shukla, and his family. They have reportedly relocated abroad, and Shukla is alleged to have liquidated substantial assets held in India.

• Disposed of or liquidated significant assets in India over the past five to ten years.
• Made substantial investments in foreign companies and entities, including an old-age care home in the UK, in family members’ names.
• One family member allegedly applied for citizenship of St Kitts through an investment scheme.

The ED is actively examining the money trail, inter-company transactions, and project-wise utilization of funds. This process aims to determine the total extent of the proceeds of crime and identify assets acquired through the alleged diversion of funds.

Recent Enforcement Actions and Seizures

During the recent search operations, the ED successfully identified and seized various incriminating items. These actions provide concrete evidence for the ongoing probe.

• Incriminating documents and financial records pertaining to foreign investments.
• Digital data connected to the companies and projects under investigation.
• Bank accounts and Fixed Deposit Receipts (FDRs) with an outstanding balance of ₹22 lakh were frozen.
• A luxury car was seized.

The investigation into the Tashee Group and its associated entities remains ongoing. Authorities continue to trace the alleged proceeds of crime and identify further assets.