Hyderabad: ED Raids Real Estate Firm for Cash Transactions
Earlier, the TGRERA imposed Rs 14.91 lakh on the company for failing to hand over flats on time, and directed the firm to refund the amount collected from customers.
Hyderabad: Enforcement Directorate (ED) officials conducted raids on Bhuvana Teja Real Estate Company at six different locations in Hyderabad on Wednesday for allegedly committing various irregularities, including attracting customers with pre-launch offers and collecting substantial amounts of cash.
After TG RERA imposed penalties for violations, the ED officials focused on the company’s business activities involving the diversion of funds collected from customers under pre-launch project offers.
During its raids, the agency found irregularities in diverting funds and is verifying the data of customers who bought property under the pre-launch schemes. The real estate firm had collected more than Rs 70 crore from customers in the name of pre-launch schemes and cheated the buyers.
Earlier, the TGRERA imposed Rs 14.91 lakh on the company for failing to hand over flats on time, and directed the firm to refund the amount collected from customers.
