ED Attaches Rs 71 Crore Assets in Avenue Group Money Laundering Case

ED attaches Rs 71 crore assets in Avenue Group money laundering case

ED attaches Rs 71.6 crore assets of 32nd Avenue Group under PMLA over alleged investment fraud in Gurugram commercial properties; probe ongoing.

ED Attaches Properties Worth Rs 71.60-cr in 32nd Avenue Group Money Laundering Case

Get latest articles and stories on India at LatestLY. ED said its investigation has revealed an "organised and systematic modus operandi" in which investors were induced to purchase commercial units in lieu of assured long-term leases, fixed rental income, buy-back arrangements and periodic increase of returns. India News | ED Attaches Properties Worth Rs 71.60-cr in 32nd Avenue Group Money Laundering Case.

ED Attach Assets Worth 71 Crore In 32nd Avenue Group

The glittering lights of 32nd Avenue in Sector 15, Gurugram, once promised a New York-style lifestyle of premium dining, retail and entertainment. Investors, many of them doctors, retirees and professionals, poured in their hard-earned savings believing they were buying secure commercial units backed by long-term leases and high fixed rental returns. What followed, according to …