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

20 Dec 2024 CW Team

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.

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..