ED raids UP realty group in ₹248 crore money laundering case, promoters absconding

The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations of Rohtas Projects Ltd., a Lucknow-based realty group, in connection with a ₹248 crore money laundering investigation. The action was taken under the Prevention of Money Laundering Act (PMLA), officials said.

At least eight premises in Lucknow and two in Delhi were searched. The ED is focusing on tracing assets and gathering evidence as the promoters have reportedly been absconding for the last four years. Security personnel were deployed at the sites during the raids.

The case follows 87 FIRs filed since 2021 by home and commercial property buyers who alleged that they were duped and denied possession of their properties. The complaints led to a detailed investigation into the company’s financial transactions and property dealings.

A forensic audit conducted by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) estimated the "proceeds of crime" at ₹248 crore. The audit formed the basis for the ED’s action and the ongoing search for the company’s assets for potential attachment.

The promoters of Rohtas Projects Ltd. have been identified as Piyush Rastogi, Paresh Rastogi, and Deepak Rastogi. Officials stated that the promoters or their legal representatives could not be contacted for comments regarding the ED action against them.