The Enforcement Directorate (ED) has launched a series of search operations targeting former Haryana minister Gopal Kanda across Gurugram. Investigators are looking into a major financial irregularity case where substantial amounts of money raised from retail investors were allegedly diverted. The search operations are being conducted at three distinct properties associated with Kanda, including his offices, residential properties, and farmhouse. This action follows allegations of a massive fraud involving a real estate venture, Vatika Limited, with which Kanda is associated.
Details of the Multi-Crore Real Estate Case
According to the ongoing investigation, the case revolves around allegations that approximately 248.46 crore rupees were pooled from 661 unsuspecting investors. These individuals were attracted to invest in various commercial real estate projects under the promise of attractive returns, timely possession, assured lease rentals, and the eventual execution of sale deeds. However, despite collecting these substantial sums of money, the company failed to deliver on any of its promises. The buyers did not receive possession of their commercial spaces, nor did they get their promised financial returns, prompting official complaints and subsequent investigations into the matter.
Allegations of Fund Diversion and Money Trail
The federal probe agency is currently investigating the potential diversion of these homebuyer funds. Preliminary findings suggest that the money collected for these four specific real estate projects was not utilized for their construction. Instead, the funds were allegedly routed and transferred to various other business entities and companies directly linked to Gopal Kanda. To establish the complete financial trail and gather crucial documentary evidence of this alleged diversion, the agency executed the search warrants under Section 17 of the Prevention of Money Laundering Act (PMLA).
Political Background and Local Presence
During the ongoing searches in Gurugram, security personnel were deployed outside Kanda's main office premises to secure the perimeter while investigators examined financial documents inside. Kanda has a prominent political profile in Haryana. In the 2019 assembly elections, he contested as an independent candidate from the Sirsa constituency and won, later extending his crucial support to the Bharatiya Janata Party (BJP) to help form the state government. However, his political fortunes shifted in the 2024 assembly elections when he faced defeat against Gokul Setia of the Indian National Congress.
