ED seizes Neomax Properties worth Rs 207 crore in money laundering probe
ECONOMY & POLICY

ED seizes Neomax Properties worth Rs 207 crore in money laundering probe

In a significant development, the Enforcement Directorate (ED) has taken stringent action in its ongoing money laundering probe, attaching assets worth Rs 207 crore related to Neomax Properties. The move comes as part of the ED's relentless efforts to curb illicit financial activities in the real estate sector.

The ED's intervention underscores the growing concern over illicit financial practices within the realty sector. Neomax Properties, a key player in the industry, now faces scrutiny as investigators delve into the intricate web of financial transactions.

The attached assets, valued at Rs 207 crore, represent a significant crackdown on potential money laundering activities. This action aligns with the ED's commitment to ensuring transparency and accountability in financial dealings, particularly in high-value sectors like real estate.

The move serves as a deterrent to those engaging in unlawful practices within the industry. As the investigation unfolds, stakeholders in the real estate market will be closely watching the developments. The ED's decisive measures signal a broader effort to cleanse the sector of any malpractices, fostering a more robust and trustworthy real estate environment in the country.

This episode serves as a reminder that regulatory bodies are actively working to maintain the integrity of financial systems, safeguarding both investors and the overall economy.

In a significant development, the Enforcement Directorate (ED) has taken stringent action in its ongoing money laundering probe, attaching assets worth Rs 207 crore related to Neomax Properties. The move comes as part of the ED's relentless efforts to curb illicit financial activities in the real estate sector.The ED's intervention underscores the growing concern over illicit financial practices within the realty sector. Neomax Properties, a key player in the industry, now faces scrutiny as investigators delve into the intricate web of financial transactions. The attached assets, valued at Rs 207 crore, represent a significant crackdown on potential money laundering activities. This action aligns with the ED's commitment to ensuring transparency and accountability in financial dealings, particularly in high-value sectors like real estate. The move serves as a deterrent to those engaging in unlawful practices within the industry. As the investigation unfolds, stakeholders in the real estate market will be closely watching the developments. The ED's decisive measures signal a broader effort to cleanse the sector of any malpractices, fostering a more robust and trustworthy real estate environment in the country. This episode serves as a reminder that regulatory bodies are actively working to maintain the integrity of financial systems, safeguarding both investors and the overall economy.

Next Story
Infrastructure Transport

BMRCL Invites Bids for E&M Works at Baiyappanahalli Depot Phase 2a

Bangalore Metro Rail Corporation Limited (BMRCL) has invited bids for the Electrical and Mechanical (E&M) works for remodelling Baiyappanahalli Depot under Package four of Bangalore Metro Phase 2a.The tender was opened on 21 April 2025 and will close on 23 May 2025. The Earnest Money Deposit (EMD) is Rs 68.87 million. The tender ID is 2025_BMRCL_233159_1. The completion period for the works is 104 weeks. A pre-bid meeting is scheduled for 9 May 2025.The scope of work includes the supply, installation, testing and commissioning of Electrical and Mechanical (E&M) systems. These comprise ..

Next Story
Equipment

CASE Rolls out BS V-Compliant Machine from Pithampur Plant

CASE Construction Equipment, a brand of CNH and a leading name in vibratory compactors segment, today announces the rollout of its first BS (CEV) Stage V-compliant machine from its state-of-the-art manufacturing facility in Pithampur, Madhya Pradesh, for the Indian market. The rollout underscores CASE’s proactive approach toward environmental responsibility and readiness for the next phase of clean and green construction machinery in India.This development is a significant step in the company’s efforts to align with India’s evolving emission standards while delivering cutting-edge, relia..

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?