ED attaches ₹129.80 crore properties in Ahmedabad real estate fraud
Synopsis
More than 294 homebuyers and investors in Ahmedabad were allegedly lured with promises of 54%–100% returns on unregistered real estate projects — then left with nothing. The ED has now attached ₹129.80 crore in properties, filed chargesheets, and exposed a trail of dummy sale deeds designed to launder the proceeds. This is one of the largest PMLA attachment actions in Gujarat's real estate sector in recent years.
Key Takeaways
The ED attached immovable properties worth ₹129.80 crore via a Provisional Attachment Order dated 14 August 2025 under PMLA, 2002 .
Accused include Ronak Ravjibhai Sonani , Vipulbhai Gordhanbhai Gangani , and the Keshav Narayan Group .
The Chharodi scheme defrauded approximately 250 buyers ; the Akshar Anant scheme at Shela affected more than 44 buyers .
Projects were marketed without RERA registration or N.A. permission ; promised returns ranged from 54% to 100% .
Investigation was triggered by five FIRs across four Ahmedabad police stations.
Chargesheets have been filed under the Bharatiya Nyaya Sanhita (BNS), 2023 ; further action is expected.
The Enforcement Directorate (ED) has attached immovable properties worth ₹129.80 crore in a major real estate fraud case in Ahmedabad, targeting accused persons including Ronak Ravjibhai Sonani, Vipulbhai Gordhanbhai Gangani, the Keshav Narayan Group, and others. The Provisional Attachment Order, dated 14 August 2025, was issued under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002, by the ED's Ahmedabad Zonal Office.
How the Fraud Was Carried Out
According to ED findings, the accused targeted ordinary homebuyers, small investors, traders, and middle-class families by projecting their real estate schemes as legitimate projects. They lured buyers with attractive pre-launch prices and promised assured returns ranging from 54% to 100% — figures that investigators say were never backed by viable project plans.
Critically, the projects were marketed without mandatory approvals, including Non-Agricultural (N.A.) permission and RERA registration. In the Chharodi scheme, buyers were told these approvals were 'under process' — a claim the ED says was used to collect money while the underlying land was quietly sold off to third parties.
Victims and Scale of Deception
The Chharodi scheme alone collected funds from approximately 250 buyers and investors, while the Akshar Anant scheme at Shela involved more than 44 buyers and investors. In both cases, neither the promised flats and shops were delivered, nor were refunds issued.
The ED's investigation — initiated on the basis of five FIRs registered by DCB Police Station, Satellite Police Station, Navrangpura Police Station, and Bopal Police Station in Ahmedabad — revealed a systematic pattern: induce buyers with false promises, collect funds, divert the money, and then conceal the properties acquired using those proceeds.
Land Transferred Through Dummy Sale Deeds
In the Chharodi project, the land earmarked for construction was transferred to Keval Mahendrabhai Patel, Ashish Vishnubhai Patel, and others, leaving buyers stranded with no recourse. In the Akshar Anant project at Shela, Memoranda of Understanding (MoUs) and similar documents were issued to lend an air of legitimacy before the project was shut down and the land transferred to Purav Rameshchandra Patel, Diprajvirsinh Vikramsinh Zala, Mahendrasinh Pradhumansinh Chudasma, and others.
The ED found that these property transfers were routed through dummy sale deeds, with fictitious payment details entered into registered documents to make the transactions appear legally valid.
Chargesheets Filed, Probe Ongoing
The ED has also filed chargesheets against Ronak Sonani, Vipul Gangani, and others for offences under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023. The attachment of ₹129.80 crore in properties marks a significant escalation in the probe, with further action expected as investigators continue to trace diverted funds and identify additional beneficiaries.
Point of View
Then routing proceeds through layered property transfers. What stands out here is the scale — ₹129.80 crore attached across multiple schemes — and the brazenness of offering 54%–100% assured returns, a figure that should have triggered regulatory scrutiny far earlier. Gujarat's RERA authority and local planning bodies face uncomfortable questions about why projects were allowed to market to hundreds of buyers without N.A. permission in place. The ED's chargesheet under the BNS signals intent to pursue criminal liability, not just asset recovery — but the real test will be whether the hundreds of stranded buyers ever see restitution.
NationPress
17 Aug 2026
Frequently Asked Questions
What is the Ahmedabad real estate fraud case that the ED is investigating?
The case involves multiple fraudulent real estate schemes in Ahmedabad where accused persons, including Ronak Ravjibhai Sonani and Vipulbhai Gordhanbhai Gangani, allegedly collected money from over 294 homebuyers and investors by promising flats, shops, and assured returns of 54%–100%, without obtaining mandatory RERA registration or N.A. permission. Neither the properties were delivered nor were refunds issued.
How much has the ED attached and under which law?
The ED attached immovable properties worth ₹129.80 crore through a Provisional Attachment Order dated 14 August 2025, issued under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002, by its Ahmedabad Zonal Office.
Which schemes are at the centre of the fraud?
Two schemes are central to the investigation: the Chharodi project, which collected funds from approximately 250 buyers, and the Akshar Anant project at Shela, which involved more than 44 buyers. In both cases, buyers were left without properties or refunds after the accused transferred the underlying land to third parties.
What charges have been filed against the accused?
The ED has filed chargesheets against Ronak Sonani, Vipul Gangani, and others for offences under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023. The probe was initiated based on five FIRs registered across four Ahmedabad police stations.
What happens next in the case?
With the provisional attachment confirmed, the ED is expected to continue tracing diverted funds and identifying additional beneficiaries of the dummy sale deeds. The chargesheets filed under the BNS indicate the agency is pursuing criminal prosecution alongside asset recovery, though a final adjudication order from the PMLA Adjudicating Authority will be required to make the attachment permanent.
