ED Attaches Rs 130 Crore Properties in Ahmedabad Real Estate Fraud Case

Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has issued a Provisional Attachment Order dated August 14, 2026, under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002, in the case involving Ronak Ravjibhai Sonani, Vipulbhai Gordhanbhai Gangani, M/s Keshav Narayan Group and others.

The ED has provisionally attached immovable properties worth Rs 129.80 crore in connection with an alleged real estate fraud involving homebuyers and investors in Ahmedabad.

The investigation was initiated based on five FIRs registered at DCB Police Station, Satellite Police Station, Navrangpura Police Station and Bopal Police Station in Ahmedabad. Chargesheets have also been filed against Ronak Sonani, Vipul Gangani and others under various sections of the Bharatiya Nyaya Sanhita, 2023.

According to the ED, its investigation found that the accused allegedly cheated homebuyers, small investors, traders and middle-class families by projecting their real estate schemes as genuine projects. They allegedly offered flats and shops at attractive pre-launch prices and promised assured returns ranging from 54% to 100%.

However, the projects were allegedly marketed without mandatory approvals, including N.A. permission and RERA registration. In the Chharodi project, money was collected from around 250 buyers and investors, while more than 44 buyers and investors allegedly paid money in the Akshar Anant project. The promised flats and shops were not delivered, and the money collected from buyers was not refunded, the ED said.

The investigation allegedly revealed a planned modus operandi in which buyers were induced through false promises, funds were collected and diverted, and properties acquired from the proceeds were subsequently sought to be concealed or transferred.

In the Chharodi project, buyers were allegedly told that RERA registration and N.A. permission were “under process”. The land earmarked for the project was later sold or transferred to Keval Mahendrabhai Patel, Ashish Vishnubhai Patel and others, leaving the buyers stranded, according to the ED.

Similarly, in the Akshar Anant project at Shela, MoUs and other documents were allegedly issued to make the project appear genuine. The project was subsequently shut down and the land was transferred to Purav Rameshchandra Patel, Diprajvirsinh Vikramsinh Zala, Mahendrasinh Pradhumansinh Chudasma and others, the agency said.

The ED also alleged that the accused transferred properties to third parties through dummy sale deeds without genuine consideration. Fictitious payment details were allegedly shown in registered documents to make the transactions appear legitimate.

Accordingly, the ED has provisionally attached immovable properties identified as representing proceeds of crime. These include 6,603.332 sq. metres of land at Chharodi, 7,284 sq. metres of land at Shela, and 30,798 sq. metres of land at Jesangpura and Agol in Taluka Kadi. The total value of the attached properties is Rs 129.80 crore.

The attachment has been made to prevent the further sale, transfer or concealment of the properties. According to the ED, the action is also intended to protect the interests of defrauded homebuyers and investors and facilitate confiscation proceedings and possible restitution to rightful claimants under the PMLA.

The ED advised homebuyers and investors to verify RERA registration, statutory approvals, title documents, land records and encumbrance details before making payments. Buyers have also been advised to check whether a property is mortgaged or involved in any dispute.

The agency cautioned buyers against relying solely on oral promises, booking forms, notarised documents or assurances from brokers. It advised them to insist on a proper agreement for sale or sale deed. Promises of unusually high returns, guaranteed buybacks or steep discounts should be treated as warning signs, it said.

The ED further advised that if a builder refuses to share documents, insists on cash payments, delays registration of documents, fails to refund money or attempts to transfer project land to third parties, the matter should be reported to law enforcement agencies, RERA or other competent authorities.

Further investigation is under progress. DeshGujarat