Chandigarh, Oct 2 — The Directorate of Enforcement (ED), Chandigarh Zonal Office, has conducted search operations at business and residential premises linked to Ravinder Taneja, Chairperson of the TDI Group and Managing Director of several group companies, in connection with the ongoing Gurgaon (Manesar) land scam investigation under the Prevention of Money Laundering Act (PMLA), 2002.
The searches were conducted as part of the money laundering investigation arising from a first information report (FIR) registered by the Central Bureau of Investigation (CBI).
The TDI Group has been under investigation in the case over its alleged transactions with Atul Bansal and the ABWIL-led group of companies during the period under scrutiny.
According to the ED, the investigation has revealed that more than 400 acres of state-notified land in Manesar, Naurangpur and Lakhnoula villages, earmarked for acquisition in 2007, were allegedly purchased by private builders and intermediaries from farmers at low prices due to apprehensions of acquisition by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC).
The agency alleged that the land acquisition process was subsequently allowed to lapse, the acquisition award was dropped, and the land was later sold at substantially higher prices, resulting in significant profits.
The ED stated that the role of the TDI Group, led by Ravinder Taneja, has been identified as that of one such intermediary in the alleged transactions.
According to the investigation, during the land acquisition period between 2005 and 2007, the TDI Group allegedly used three companies, namely Indo Asian Construction Co. Pvt. Ltd., NCR Properties Pvt. Ltd. and Divya Jyoti Enterprises Pvt. Ltd., to purchase nearly 33 acres of land from farmers and subsequently sell it to the Atul Bansal group at a profit.
During the searches, which continued for more than three days at locations in New Delhi and Mohali, officials reportedly recovered records related to alleged irregularities and illegalities in other projects, which are being examined further.
The ED stated that dozens of project records, files, digital devices, computers, hard disks, servers and luxury vehicles identified as alleged proceeds of crime were seized during the search operations.
The agency said examination of the seized records, assets and financial affairs of TDI Group companies is under way and will form part of the ongoing investigation.