ED Exposes Multi-Crore Foreign Investment Racket in Jaipur Real Estate Through Shell Companies

The Enforcement Directorate has revealed a sophisticated money laundering operation in Jaipur's real estate market, following extensive raids across 17 locations that uncovered foreign investment links and seized crucial evidence worth ₹9 lakh in cash.

Multi-Location Enforcement Operation Targets Property Market

Enforcement officials conducted coordinated raids on Wednesday and Thursday across multiple premises in Jaipur, seizing cash worth ₹9 lakh along with investment-related documents, mobile phones, laptops, and pen drives. The operation targeted several prominent figures believed to be involved in channeling funds through complex networks to overseas real estate markets.

Key Suspect Remains Absconding as Investigation Intensifies

Businessman Gyan Chand Agarwal has emerged as the central figure in the probe, with multiple arrest warrants issued against him for alleged financial misconduct. Investigators report that Agarwal remains untraceable while other individuals under scrutiny include Jugal Kishor Derawala, Dalpat Singh, Govardhan Agarwal, and Anil Jain.

Shell Company Network Facilitated International Property Investments

The investigation has uncovered an intricate web of shell companies designed to mask the movement of funds to overseas property markets, particularly in Dubai, Singapore, Cyprus, and Hong Kong. Officials stated that these investments were often made through relatives to avoid detection and regulatory oversight.

Systemic Transparency Issues Highlighted in Real Estate Sector

Enforcement officials warned that the findings expose significant opacity in local property transactions, with the sophisticated nature of the alleged laundering structure raising broader concerns about financial transparency within India's real estate investment sector.

Investigation Summary

Broader Implications for Property Market Regulation

The ED continues analyzing seized evidence to build a comprehensive case while maintaining efforts to locate the absconding primary suspect. These findings could potentially trigger wider reforms in monitoring financial flows within the real estate investment landscape, aiming to address loopholes that enable such sophisticated laundering schemes.