ED Raids in Delhi–Gurugram Expose “Undervalued Land Sale” Scam via Misuse of IBC
New Delhi/Gurugram, November 20:
The Enforcement Directorate (ED), Gurugram Zonal Office, on Thursday carried out search operations at six locations across Delhi and Gurugram in a case linked to alleged undervaluation of land by misusing the Insolvency and Bankruptcy Code (IBC) process.
According to officials, the searches were conducted on middlemen who had no official role in the insolvency proceedings, the Resolution Professional, NCLT advocates, and the buyer of the property — M/s RDB Infrastructure and Power Ltd, promoted by Vinod Duggar.
The ED suspects that the land was deliberately undervalued during insolvency proceedings to facilitate its sale to the buyer at a throwaway price, causing major financial loss to creditors.
The raids resulted in the seizure of unexplained cash amounting to around ₹50 lakh, along with various incriminating documents and digital evidence, which officials say strengthen the suspicion of a coordinated conspiracy to exploit the IBC mechanism for illegal gains.
The investigation is now expected to widen, with the financial probe agency examining the money trail and the possible involvement of additional stakeholders in the alleged undervalued property transfer.
