Money Laundering Allegations: Non-Releasable Warrants Issued Against GBP Group Associate

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A special Prevention of Money Laundering Act (PMLA) court on Tuesday issued non-releasable warrants against Anupam Gupta, an associate of the Gupta Builders and Promoters (GBP) group.

Directors and associates of GBP Group accused of deceiving around 2,500 beneficiaries, who had invested more than 1,500 crore in around 18 commercial and residential projects in Mohali, had fled the country in September 2021 after closing their offices.

The Directorate of Law Enforcement (ED) had filed a complaint against the GBP Group under Section 63 of the Prevention of Money Laundering Act (PMLA) and Section 174 (failure to appear in obedience to an order of an official) of the Indian Penal Code (IPC) in court for disobeying formal notices served on them.

The court observed that while bail warrants had been returned by the defendant’s father, a copy of the warrants had also been served on the defendant’s email address. It seems that he deliberately avoids showing up because he was aware of the proceedings since his lawyer had already appeared in the case, but later even the lawyer stopped appearing. The court has requested the arrest of the defendants before the next court date, which is January 24.

On September 23, 2022, ED had seized 14 properties worth 148 crore belonging to the group as part of a money laundering investigation against the property company and its fugitive directors and their associates. Adjoining properties included commercial space including GBP Centrum in Zirakpur, personal homes and farmland owned by the group.

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