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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.
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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.
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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.
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