Lucknow. The Enforcement Directorate (ED) has intensified its investigation in another case of cheating investors. ED has registered a case under the Prevention of Money Laundering Act (PMLA) against the ATS group involved in the real estate business.

The ATS group is accused of luring investors with lucrative schemes in projects worth about Rs 3400 crore and swindling huge amounts from them. The ED will investigate 63 companies associated with the group.

The business of ATS Group is spread across Noida, Greater Noida and Yamuna Expressway Industrial Development Authority (YEIDA). Sources say that ED has collected information related to ATS Group from Greater Noida Authority and YEIDA in this case.

Irregularities in projects worth Rs 3400 crore

Initial investigation by ED revealed that the group has committed fraud in projects worth about Rs 3400 crore. The directors of the group had made investors invest in their projects by luring them with attractive schemes. Under which, investors were assured of providing flats in three years or buying back the flats from the investors at increased rates.

ED registered a case and started investigation

Postdated cheques were also given to the investors. When the investors did not get the benefits even after the stipulated time, they also complained to the police. More than 10 cases were registered by Noida Police and Delhi's Economic Offences Wing on behalf of the investors. ED has registered its case on the basis of these cases and started investigation.

ED will also investigate companies that have been declared bankrupt

ED will also investigate many companies associated with the group, which have been declared bankrupt. Investigation has been started into the transactions made through various companies. Details of many bank accounts are also being collected.