Chandigarh/ New Delhi: The Directorate of Enforcement (ED), Chandigarh Zone-I, conducted search operations on September 28 at the business and residential premises linked to Ravinder Taneja, Chairman of the TDI Group and managing director of several TDI group companies, including TDI Infratech Ltd and TDI Infrastructure Ltd, the agency said in a press release.
The searches were conducted as part of an ongoing investigation into the Gurugram-Manesar land scam under the Prevention of Money Laundering Act (PMLA), 2002, based on an FIR filed by the Central Bureau of Investigation (CBI).
The ED said the TDI Group had been under investigation in the case concerning alleged transactions with the Atul Bansal and ABW/LL group of companies.
ED Probes Over 400 Acres of State-Notified Land
According to the ED, its investigation has revealed that more than 400 acres of state-notified land in Manesar, Naurangpur and Lakhnoula villages, which had been earmarked for acquisition in 2007, were purchased by private builders and intermediaries from farmers at low prices amid concerns over possible acquisition by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC).
The agency said the land acquisition process was subsequently allowed to lapse. The same land was then sold by intermediaries at significantly higher prices, allegedly generating substantial profits.
The ED said the role of the TDI Group led by Ravinder Taneja had been identified as that of one such intermediary.
Three TDI Companies Used in Land Transactions
The agency said that between 2005 and 2007, the TDI Group used three companies — Indo Asian Construction Co. Pvt. Ltd., NCR Properties Pvt. Ltd. and Divya Jyoti Enterprises Pvt. Ltd. — as vehicles to purchase around 33 acres of land from farmers and subsequently sell it to the Atul Bansal Group at higher prices.
The transactions form part of the ongoing investigation, the ED said.
Records, Digital Devices and Vehicles Seized
The searches continued for more than three days at premises located in New Delhi and S.A.S. Nagar (Mohali), Punjab.
During the searches, several records relating to alleged irregularities and illegalities in other projects also surfaced and are being examined, according to the ED.
The agency said dozens of project records, files, digital devices, computers, hard disks, servers and luxury vehicles were seized as part of the search proceedings.
The examination of the seized records and assets of TDI Group companies is currently underway, and further action will depend on the course of the investigation, the ED said.