ED Conducts Searches at 16 Locations Linked to Kalpataru Group in Lucknow
Real Estate

ED Conducts Searches at 16 Locations Linked to Kalpataru Group in Lucknow

The Directorate of Enforcement (ED), Lucknow zonal office, conducted searches on Thursday at 16 locations linked to the Kalpataru Group of Companies in Agra, Mathura, and Noida concerning a Rs 6.81 billion ponzi scheme.

During the searches, ED officials seized over Rs 10 million in unexplained cash, sale deeds and documents for 88 immovable properties, as well as digital and electronic evidence related to hundreds of properties connected to the case.

The investigation revealed that the company had launched a scheme through which approximately 1,000 individuals were defrauded with promises of high returns on investments or land/plots in exchange for their investments.

The searches targeted properties associated with Mithilesh Singh, the wife of the primary accused, the late Jai Kishan Rana, and his close associates, including chartered accountants, brokers, and agents such as Suman Prabha Sharma, Devender Garg, Harendra Tarkar, Ramveer Tarkar, Prakhar Garg, and Shivam Agrawal, among others.

The ED began its investigation following FIRs filed by the Uttar Pradesh Police against directors, promoters, agents, and managers, including Jai Kishan Singh Rana, Bheekam Singh, Bipin Kumar Yadav, and others.

The probe revealed that the company had deceived unsuspecting investors and amassed large sums of money. Numerous immovable properties acquired by the company and the accused in various locations across Uttar Pradesh were identified. A Provisional Attachment Order was issued for the Proceeds of Crime (POC) worth Rs 840 million, which was later confirmed by the Adjudicating Authority in 2023.

To date, 74 FIRs have been registered in connection with this case.

The Directorate of Enforcement (ED), Lucknow zonal office, conducted searches on Thursday at 16 locations linked to the Kalpataru Group of Companies in Agra, Mathura, and Noida concerning a Rs 6.81 billion ponzi scheme. During the searches, ED officials seized over Rs 10 million in unexplained cash, sale deeds and documents for 88 immovable properties, as well as digital and electronic evidence related to hundreds of properties connected to the case. The investigation revealed that the company had launched a scheme through which approximately 1,000 individuals were defrauded with promises of high returns on investments or land/plots in exchange for their investments. The searches targeted properties associated with Mithilesh Singh, the wife of the primary accused, the late Jai Kishan Rana, and his close associates, including chartered accountants, brokers, and agents such as Suman Prabha Sharma, Devender Garg, Harendra Tarkar, Ramveer Tarkar, Prakhar Garg, and Shivam Agrawal, among others. The ED began its investigation following FIRs filed by the Uttar Pradesh Police against directors, promoters, agents, and managers, including Jai Kishan Singh Rana, Bheekam Singh, Bipin Kumar Yadav, and others. The probe revealed that the company had deceived unsuspecting investors and amassed large sums of money. Numerous immovable properties acquired by the company and the accused in various locations across Uttar Pradesh were identified. A Provisional Attachment Order was issued for the Proceeds of Crime (POC) worth Rs 840 million, which was later confirmed by the Adjudicating Authority in 2023. To date, 74 FIRs have been registered in connection with this case.

Next Story
Infrastructure Urban

What Industry Wants!

The construction industry is gearing up for Budget 2025 with high expectations. As one of India’s key economic drivers, the sector is eagerly anticipating reforms and policies to address pressing challenges such as high input costs, funding gaps, and sustainability demands. Industry leaders across real estate, infrastructure, construction materials, and logistics have shared their wishlists, urging the government to focus on GST rationalization, increased CAPEX, and green initiatives.This year’s budget presents an opportunity for the government to not only tackle existing bottlenecks but a..

Next Story
Infrastructure Urban

Messe Stuttgart, Startup India Tie-Up to Boost Funding

The logistics market in India is poised for significant growth, with a projected revenue of $357.3 billion by 2030. Despite this huge potential, a recent McKinsey & Company report highlights the decline in logistics funding following the pandemic that remains a significant concern. After receiving unprecedented funding of $25.6 billion in 2021, venture capital investment in logistics startups fell sharply to $2.9 billion in 2023—a nearly 90 per cent decrease, marking the lowest since 2015. This pullback from investors is attributed to several factors, including high interest rates, a glo..

Next Story
Infrastructure Transport

JK Tyre Strengthens Road Safety Commitment

Reinforcing its unwavering commitment to road safety, JK Tyre & Industries, a leader in the tyre manufacturing industry, partnered with the Delhi Traffic Police to organise a comprehensive Road Safety Awareness Week. This initiative, held as part of National Road Safety Month (January 1–31, 2025) spearheaded by the Ministry of Road Transport and Highways (MoRTH), aimed to foster responsible driving habits and reduce road accidents. Under the theme ‘Sadak Suraksha Jeevan Raksha,’ the initiative commenced on January 16, 2025, at the Delhi Police Traffic Training Park, BKS. The program feat..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000