ED moves to block further sale of properties in Ahmedabad real-estate fraud probe
The Directorate of Enforcement (ED), Ahmedabad zonal office, has issued a provisional attachment order for immovable properties valued at ₹129.8 crore located in Chharodi and other peripheral parts of Ahmedabad city, the agency said on Thursday. The action forms part of a money‑laundering investigation under the Prevention of Money Laundering Act, 2002 into alleged real-estate frauds that affected homebuyers and small investors.
The attachment, carried out on Aug 14, relates to a case registered against individuals named in the ED statement — Ronak Sonani, Vipul Gangani, M/s Keshav Narayan Group — and others. The agency said it initiated the probe after receiving information from five FIRs registered with the city crime branch and police stations including Satellite, Navrangpura and Bopal.
According to the ED, the accused marketed residential and commercial schemes as genuine projects, offering flats and shops at what were described as attractive pre‑launch prices and promising assured returns reportedly ranging from 54% to 100%. The agency said many projects lacked statutory approvals such as NA permission and RERA registration, and promised deliverables were not handed over to buyers.
The ED release set out the following details on the alleged irregularities:
- In the Chharodi scheme, money was collected from about 250 buyers/investors, but flats and shops were not delivered and refunds were not made.
- In the Akshar Anant scheme, more than 44 buyers/investors were reported to have paid amounts with no delivery of promised properties.
- In a project at Shela, homebuyers were allegedly left stranded while promised permissions were said to be under process.
- The accused are alleged to have transferred properties to third parties using dummy sale deeds and recorded fictitious payment details in registered documents to create an appearance of lawful transactions.
"The ED investigation revealed that the accused persons cheated ordinary homebuyers, small investors, traders and middle-class families," the agency said in its release.
The ED said the attached properties are located at Chharodi, Shela, Jesangpura and Agol near Kadi. The provisional attachment is intended to prevent further sale, transfer or concealment of assets that are alleged proceeds of crime. The agency also advised affected homebuyers and investors to take note of the action; the statement did not provide an exhaustive list of individuals holding claims on the attached immovable assets.
Local impact and market implications
The case highlights recurring regulatory and consumer‑protection challenges in Ahmedabad’s peri‑urban real‑estate market, where rapid demand and pre‑launch marketing often outpace due diligence by buyers. For middle‑income purchasers and small investors, non‑delivery and lack of statutory clearances can result in prolonged financial distress.
Real‑estate stakeholders in Ahmedabad say south and north peripheral areas have seen a proliferation of pre‑launch schemes in recent years. While many developers have followed the regulatory framework, the ED action underscores the consequences when projects lack NA permissions or RERA registration and when transaction records are allegedly manipulated.
| Allegation | Reported detail |
|---|---|
| Value attached | ₹129.8 crore |
| Locations | Chharodi, Shela, Jesangpura, Agol (near Kadi) |
| Reported affected buyers | ~250 (Chharodi), >44 (Akshar Anant) |
From a regulatory perspective, provisional attachment by the ED is an interim measure; if the agency establishes that the properties represent proceeds of crime, the assets can ultimately be confiscated under the PMLA framework following adjudication. The action may also feed into ongoing criminal prosecutions initiated on the basis of the police FIRs.
For residents and prospective buyers in Ahmedabad, the case is a prompt to verify developer credentials, check RERA registrations and NA clearances, and insist on transparent payment and registration records. Consumer groups and industry bodies often recommend using escrow arrangements and RERA deposit protections to reduce the risk of loss in pre‑launch purchases.
The ED statement did not specify whether any arrests have been made in the money‑laundering probe; further developments will depend on the agency’s ongoing investigation and possible coordination with local police and magistrate courts. The provisional attachment seeks to preserve the current asset base while inquiries continue.
