The Enforcement Directorate (ED) has searched the premises of realty major DLF in Gurugram as part of a money laundering investigation against Supertech, people familiar with the matter said.
The searches were conducted at DLF’s offices and residences of its promoters, the sources said. The ED is investigating allegations that Supertech laundered money through DLF, they said.
The ED is also investigating allegations that Supertech diverted funds raised from homebuyers to other purposes, the sources said.
The searches come at a time when the ED is intensifying its crackdown on money laundering in the real estate sector. In recent months, the agency has raided several real estate companies in connection with money laundering cases.
The ED’s action against DLF is likely to have a significant impact on the company’s reputation. DLF is one of India’s largest real estate companies, and the searches are likely to raise questions about the company’s financial practices.
The searches are also likely to have a ripple effect on the real estate sector as a whole. The ED’s crackdown on money laundering could lead to other real estate companies being investigated, and it could also make it more difficult for real estate companies to raise funds.
