India, April 12 -- New Delhi

The Enforcement Directorate (ED) carried out searches at the offices of promoters and associate entities of Delhi-based real estate firm Earth Infrastructures Limited (EIL), which is accused of collecting Rs.2,024.45 crore from 19,425 homebuyers or investors by promising timely delivery of residential or commercial units along with assured returns, but failed to deliver, agency officials said on Saturday.

During the searches, carried out on Friday at 10 locations in Delhi and Gurugram, the federal agency recovered Rs.6.3 crore in cash and jewellery valued at around Rs.7.5 crore, as well as silver bullion and luxury watches.

To be sure, EIL has been undergoing corporate insolvency resolution process since 20...