BAJAJ BROKING
Godrej Properties denies fraud and money laundering allegations, calling them baseless. ED’s investigation stems from a complaint filed by ORRIS Infrastructure. Previous probes found no wrongdoing. The case could impact Godrej Properties share price.
Godrej Properties has strongly refuted allegations of fraud and money laundering amid an Enforcement Directorate (ED) investigation. The company dismissed the claims as baseless and the result of a dispute with a joint venture partner. The allegations, originating from a complaint by ORRIS Infrastructure Private Limited, accuse Godrej Properties of fraudulent activities between January 2016 and May 2024.
Also read: Adani Total Gas Faces 13% Gas Supply Cut from GAIL, Impact Looms
Origin of Allegations: Complaint by ORRIS Infrastructure regarding activities between 2016 and 2024.
ED’s Investigation Status: Project director interrogated; another official summoned twice, with further summons expected.
Past Investigations Cleared: Previous probes by the CBI and Economic Offences Wing found no wrongdoing by Godrej Properties.
Potential Impact on Market: Ongoing investigations may influence Godrej Properties share price.
The Enforcement Directorate’s inquiry stems from instructions by the Dwarka Court in Delhi, leading to a case being registered on May 29, 2024, by the Economic Offences Wing. Godrej Properties maintains that similar claims have been previously investigated by leading agencies such as the CBI and Economic Offences Wing, both of which cleared the company of any wrongdoing.
In its statement, Godrej Properties accused its joint venture partner of making baseless allegations to exert pressure for unreasonable demands. The company announced its intention to pursue legal action to address the reputational damage caused by the allegations.
The allegations have brought significant attention to the ongoing ED probe, with officials already questioning key personnel from the company. Gridlocks in summoning certain officials suggest potential delays in the inquiry’s progress.
Also read: China Withdraws Export Tax Rebate, Impacting NALCO, Vedanta, Hindalco
Details | Description |
Complaint Filed By | ORRIS Infrastructure Private Limited |
Accused Period | January 2016 – May 2024 |
Investigative Agencies Involved | ED, CBI, Economic Offences Wing |
Initial Case Registration Date | May 29, 2024 |
Investigation Status | Ongoing; summons issued to key personnel |
With the case still under investigation, market watchers will closely monitor developments, particularly their impact on the Godrej Properties share price, which could be influenced by the findings and the company's response to the allegations.
Also read: ACME Sun Power Secures ₹3,753 Cr Loan for Renewable Projects
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Stress Testing: Meaning, How It Works, Types and Examples
20 Dec, 2024 | 5 Min. read
Hyundai Motor India Partners with Amara Raja for AGM Battery Technology
20 Dec, 2024 | 2 Min. read
KPI Green Energy Signs MoU with Rajasthan for Hybrid Solar-Wind Projects
20 Dec, 2024 | 2 Min. read
JK Cement Wins Bid for Mahan Coal Mine in Madhya Pradesh
20 Dec, 2024 | 2 Min. read
Share Market Today | Gift Nifty Hints At Consolidation Between 23,800-24,500
20 Dec, 2024 | 4 Min. read
SEBI Tightens SME IPO Rules with Focus on Financial Stability
20 Dec, 2024 | 2 Min. read
Bajaj Broking Research Desk’s Calendar Year 25 Strategy Report
20 Dec, 2024 | 2 Min. read
Know the Objective & Analysis of Ventive Hospitality IPO
20 Dec, 2024 | 3 Min. read
How to Apply for Ventive Hospitality IPO & Check Allotment Status?
20 Dec, 2024 | 3 Min. read
How to Apply for Carraro India IPO & Check IPO Allotment Status?
20 Dec, 2024 | 3 Min. read
Gold Price in India | Gold and Silver Prices Drop Amid Market Volatility
19 Dec, 2024 | 40 Min. read
How to Apply for Mamata Machinery IPO & Check Allotment Status?
19 Dec, 2024 | 3 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading