ED raids 8 Delhi-NCR locations in housing society fraud, seizes ₹6.63 crore
Synopsis
The ED's Gurugram unit has raided eight premises across Delhi, Faridabad, and Gurugram, uncovering an alleged ₹90.50 crore fraud at a co-operative housing society. Unaccounted cash, gold, jewellery, and silver worth ₹6.63 crore were seized — and the accused allegedly sold 34 illegal memberships while abandoning the housing project entirely.
Key Takeaways
The Enforcement Directorate searched 8 premises across Delhi , Faridabad , and Gurugram on 10 July .
Seized assets totalled ₹6.63 crore , including ₹55 lakh in unaccounted cash, gold worth ₹1.85 crore , gold jewellery worth ₹1.95 crore , and silver worth ₹2.28 crore .
Three individuals — Arun Sharma , Anil Sharma , and Mangal Sain Mittal — are under investigation for allegedly defrauding members of Shanti Niketan Co-operative Group Housing Society Ltd .
The accused allegedly collected a total of ₹90.50 crore from members through both bank and cash channels before abandoning the project.
34 unauthorised memberships were allegedly sold beyond the sanctioned limit of 98 memberships .
Several bank accounts of the accused have been frozen ; further action under PMLA is expected.
The Enforcement Directorate (ED) on 10 July conducted searches across more than eight locations in Delhi-NCR in connection with an alleged housing society fraud involving the former president and directors of Shanti Niketan Co-operative Group Housing Society Ltd (SGHS). The raids, carried out by the ED's Gurugram unit, led to the seizure of incriminating documents, digital devices, and valuables worth ₹6.63 crore.
Locations Searched and Individuals Targeted
The searches covered 8 residential and official premises across Delhi, Faridabad, and Gurugram, targeting three individuals — Arun Sharma, Anil Sharma, and Mangal Sain Mittal — along with their private business entities. All three are under investigation for allegedly defrauding members of SGHS. The ED also froze several bank accounts linked to the accused during the proceedings.
What Was Seized
Investigators impounded multiple digital devices, property documents, audited financial records, and evidence of alleged fund diversion. The cash and valuables recovered included unaccounted cash of ₹55 lakh, gold worth ₹1.85 crore, gold jewellery worth ₹1.95 crore, and silver weighing approximately 100 kg valued at ₹2.28 crore.
How the Alleged Fraud Was Operated
According to the ED, Mangal Sain — the then President of SGHS — allegedly conspired with Anil Sharma and Arun Sharma, Directors of M/s Connoisseur Infrabuild Pvt. Ltd. (CIPL), to fraudulently take control of the society. The accused allegedly misappropriated members' funds, inducted forged members, concealed official records, and abandoned the housing project after collecting substantial sums.
Investigators also found that Anil Sharma and Mangal Sain illegally sold 34 unauthorised memberships beyond the society's sanctioned limit of 98 memberships. The ED stated that the accused operated a dual payment mechanism — collecting money both through official bank accounts and in cash. In total, ₹90.50 crore has reportedly been collected from society members through both channels.
Regulatory and Legal Background
The ED's action follows a probe initiated under various sections of the Indian Penal Code (IPC), 1860, in which the individuals and their associates were booked for alleged financial and housing fraud. The investigation is ongoing, with the agency examining the illicit diversion of society funds to business entities controlled by the accused or their associates. This comes amid a broader pattern of ED enforcement actions targeting co-operative housing fraud across the National Capital Region.
What Happens Next
With bank accounts frozen and digital evidence in hand, the ED is expected to pursue formal attachment of proceeds of crime under the Prevention of Money Laundering Act (PMLA). Further arrests or summons to the accused remain a possibility as the agency maps the full money trail.
Point of View
Forged memberships, and project abandonment after collecting ₹90.50 crore point to a structured operation, not opportunistic wrongdoing. What is notable here is the scale of physical assets recovered — 100 kg of silver and multiple crores in gold suggest proceeds were being parked in hard assets, a classic layering tactic. The real accountability question is systemic: how did a society exceed its sanctioned membership limit by 34 slots without triggering a regulatory check?
NationPress
10 Jul 2026
Frequently Asked Questions
What is the Shanti Niketan Co-operative Group Housing Society fraud case?
It is an alleged financial and housing fraud in which the former president and directors of Shanti Niketan Co-operative Group Housing Society Ltd (SGHS) are accused of misappropriating members' funds, selling unauthorised memberships, and abandoning a housing project after collecting ₹90.50 crore. The ED has launched a money laundering investigation under PMLA.
What did the ED seize during the Delhi-NCR raids?
The ED seized valuables worth ₹6.63 crore, comprising ₹55 lakh in unaccounted cash, gold worth ₹1.85 crore, gold jewellery worth ₹1.95 crore, and approximately 100 kg of silver valued at ₹2.28 crore. Digital devices, property documents, and financial records were also impounded.
Who are the accused in the SGHS housing fraud case?
The three individuals named are Arun Sharma, Anil Sharma, and Mangal Sain Mittal. Mangal Sain was the then President of the society, while Anil Sharma and Arun Sharma are Directors of M/s Connoisseur Infrabuild Pvt. Ltd. (CIPL). All three are under investigation for alleged fraud and money laundering.
How much money was allegedly collected from housing society members?
According to the ED, a total of ₹90.50 crore was collected from members through a combination of official bank transfers and cash payments, described as a 'dual payment mechanism' by investigators.
What happens next in the ED investigation?
With digital evidence secured and bank accounts frozen, the ED is expected to pursue attachment of proceeds of crime under the Prevention of Money Laundering Act (PMLA). Further arrests or summons to the accused are possible as the agency continues to map the money trail.
