The Enforcement Directorate's Lucknow zonal office has taken decisive action in a significant money laundering investigation. On Friday, authorities provisionally attached a total of 77 properties under the Prevention of Money Laundering Act, 2002. This enforcement move targets assets connected to Rohtas Project Limited and associated entities.
Substantial Property Seizure in Uttar Pradesh Capital
The attached properties include 75 immovable assets and 2 movable properties with a combined book value of Rs 158.85 crore. Investigators estimate the current market value of these seized assets exceeds Rs 350 crore, indicating substantial appreciation since acquisition.
Breakdown of Attached Immovable Properties
The immovable properties, valued at Rs 141.21 crore, are registered under multiple names and entities:
- Deepak Rastogi, promoter of the Rohtas group of companies
- Associate companies within the Rohtas group network
- Vardan Township Private Limited
- Numerous benamidars acting on behalf of the Rohtas group
- Adhyaye Realty Infrastructure LLP
All these immovable properties are situated within Lucknow, highlighting the localized nature of this alleged financial scheme.
Movable Assets and Corporate Connections
The movable properties, worth Rs 17.64 crore, are formally held by Highness Infra Developers Private Limited. This corporate connection suggests a complex network of financial transactions and asset transfers between related entities.
Background of the Alleged Fraud Scheme
Rohtas Project Limited had launched ambitious township development schemes that promised attractive returns to investors. According to the project terms, customers could book plots or flats of various sizes with an unusual guarantee: after 30 months from booking, participants could either take possession of their booked property or receive a lump sum payment equal to 150% of their original booking amount.
However, investigations reveal that neither development occurred nor were refunds provided to customers, leaving numerous investors without their promised returns or properties.
Alleged Diversion of Funds
Enforcement Directorate sources indicate that promoters of the Rohtas group systematically diverted funds collected from real estate buyers. These substantial sums were allegedly used to acquire land parcels through associate companies and benamidars—individuals who hold property on behalf of others to conceal true ownership.
Further complicating the financial trail, benami lands originally belonging to the Rohtas Group were transferred to Adhyaye Realty Infrastructure LLP. Additionally, some land parcels acquired by Deepak Rastogi from these benamidars were subsequently mortgaged with banking institutions, potentially creating layered financial obligations.
Legal Framework and Ongoing Investigation
The provisional attachment represents an interim measure under the Prevention of Money Laundering Act, allowing authorities to secure assets while investigations continue. This action prevents potential disposal or concealment of properties that might represent proceeds of alleged financial crimes.
The case highlights increasing regulatory scrutiny of real estate financing practices and demonstrates enforcement agencies' growing capability to trace complex financial networks across multiple corporate entities and individual beneficiaries.
