The Enforcement Directorate (ED) on Thursday conducted searches at three premises linked to former Haryana minister and businessman Gopal Goyal Kanda in Gurugram as part of an ongoing money laundering investigation connected to alleged financial irregularities involving real estate company Vatika Limited. The searches covered his residence, farmhouse and office.
According to officials, the investigation focuses on funds collected from investors in four commercial real estate projects. The agency is examining the movement and utilisation of these funds, including allegations that money collected from investors was subsequently transferred to companies linked to Kanda.
Four Vatika Projects Under Investigation
The ED’s investigation relates to allegations that investors were attracted to commercial projects with assurances including timely possession, assured returns, lease rentals and execution of sale deeds.
The agency has previously said that the projects either remained incomplete or were delayed and that conveyance deeds had not been executed for investors. The four projects identified in the ED’s January 2025 press release were Vatika Inxt City Centre in Gurugram, Vatika Mindscapes in Faridabad, Vatika Towers in Gurugram and Vatika High Street, part of V’Lante, in Gurugram.
₹248.46 Crore Collected From 661 Investors
According to the ED, approximately ₹248.46 crore was collected from 661 investors across the four projects under investigation. The agency is examining how the money was received and subsequently utilised.
The ED’s earlier findings stated that more than 600 investors had put money into the projects, with some projects remaining incomplete or deferred for several years. The agency had also provisionally attached immovable properties worth approximately ₹68.59 crore in January 2025 as part of the Vatika-related investigation.
ED Traces Suspected Money Trail
The latest searches are focused on tracing the financial trail connected with the alleged diversion of investors’ funds. Officials said the agency is examining whether money collected for the real estate projects was transferred to other companies linked with Kanda.
Financial documents, company transactions and bank records are expected to form part of the material examined during the investigation. The ED is working to establish the source, movement and eventual use of the funds under scrutiny.
Investigation Under PMLA
The searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA). The investigation is continuing, and the agency’s examination of financial records and transactions will determine the roles of the individuals and entities involved.
The ED’s search operation does not by itself establish criminal liability against Kanda or any other person. Allegations and suspected financial transactions remain subject to investigation and further legal proceedings.
Conclusion
The Gurugram searches represent a further step in the ED’s investigation into the alleged real estate-related financial irregularities involving Vatika Limited. With the agency examining transactions involving hundreds of investors and suspected fund transfers, the focus remains on establishing the complete financial trail and determining how the funds were utilised.
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