New Delhi: The Enforcement Directorate (ED) has provisionally attached immovable assets worth approximately Rs 944 crore linked to M/s Piyush Colonisers Limited, its former promoters, and associated entities, in connection with an ongoing money laundering probe, officials said on Monday.
The action was carried out by the ED’s Gurugram Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attached assets include project land parcels, residential flats, agricultural land, and commercial spaces spread across multiple locations in Haryana and adjoining Rajasthan.
According to the agency, the seized properties comprise land parcels in Palwal (around 63 acres), Bhiwadi (around 62 acres), and Dharuhera (approximately 7 acres), along with nearly 19,000 square feet of commercial space in Faridabad. Additional assets are located in Rewari and other areas linked to the group’s real estate projects.
The ED also filed a charge sheet on March 30 before the Special PMLA Court in Gurugram against Amit Goel, former promoter of Piyush Colonisers Limited, and others.
The investigation stems from multiple FIRs registered by the Haryana Police, the Economic Offences Wing (EOW) in New Delhi, and the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC), 1860. The cases pertain to allegations of criminal conspiracy, cheating, and financial misconduct.
As per the ED, the matter involves large-scale irregularities in several housing projects undertaken by the Piyush Group in Palwal, Faridabad, Rewari, and Bhiwadi. Over 1,500 homebuyers were allegedly affected due to the non-delivery of promised residential units.
The agency stated that funds collected from buyers were allegedly siphoned off and diverted to subsidiary entities, where they were used to acquire new land parcels instead of completing ongoing projects.
Further findings suggest that key promoters transferred ownership of project lands to family members through shareholding transfers without any consideration, particularly during insolvency proceedings. This, the ED alleges, was done to shield assets and defraud homebuyers.
Due to mounting financial and legal troubles, M/s Piyush Colonisers Limited entered the Corporate Insolvency Resolution Process (CIRP) in 2019. However, a resolution plan for the company is yet to be approved.
The ED said further investigation in the case is ongoing.
(IANS)
