Enforcement Directorate Slaps PMLA Case Against ATS Group
The case was registered based on FIRs against the company directors who had lured investors to invest in their residential project in Noida, with promises of significant returns through a buy-back scheme.
LUCKNOW: The Lucknow zonal office of the enforcement directorate (ED) has registered a case under the prevention of money laundering Act (PMLA), 2002, against ATS Group of Companies. The case was registered after homebuyers in Noida faced delays and issues with projects developed by the group, including the developer’s land dealings worth over Rs 3,400 crore.
The case was registered based on FIRs against the company directors who had lured investors to invest in their residential project in Noida, with promises of significant returns through a buy-back scheme.
As per the scheme, the company had agreed to buy back the allotted apartments at a premium after 36 months and issued post-dated cheques, which bounced. So far, four cases have been registered against the group by EOW Delhi and 10 by Noida police.
