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Enforcement Directorate's Crackdown

Jaipur, June 12: The Enforcement Directorate (ED) has initiated extensive raids as part of an investigation into a money laundering case valued at Rs 2,700 crore, linked to a real estate scheme. On Thursday, the agency executed searches at around 24 locations in Delhi, Rajasthan, and Gujarat.

Sources from the agency indicate that this investigation is tied to a significant financial fraud involving a real estate project known as Red Nexa Evergreen.

In Rajasthan, operations were conducted in various cities, including Jaipur, Jodhpur, Sikar, and Jhunjhunu.

Simultaneous actions were also taken in Ahmedabad (Gujarat) and several areas in Delhi. These operations are being carried out under the Prevention of Money Laundering Act (PMLA).

The Red Nexa Evergreen initiative reportedly attracted investors with promises of substantial returns or property allocations, including flats, land, or premium rates after a specified period.

Allegations have surfaced that a considerable number of investors were deceived during this process.

Previously, the Rajasthan Police had filed an FIR against several individuals implicated in this fraudulent scheme.

The ED's investigation seeks to trace the financial pathways and identify the main beneficiaries of the scam. Further details are anticipated as the search operations progress, with around 24 locations being targeted in Rajasthan, Gujarat, and Delhi.

Investors were enticed to invest their funds for a certain duration, with assurances of receiving plots and flats in exchange for their investments.

However, many investors claim that none of the promised returns were delivered.

Frustrated by the situation, numerous investors have lodged FIRs regarding the matter.

Officials have stated that the raids are focused on uncovering money laundering activities.

Once the search operations conclude, appropriate actions will be taken against those involved in the fraudulent activities.

While the Rajasthan police had been handling the case until now, the involvement of the ED is expected to reveal new information soon, according to sources.