Daijiworld Media Network - New Delhi
New Delhi, Jan 17: The Enforcement Directorate (ED) has carried out extensive search operations across multiple locations in Haryana in connection with an alleged Rs 600-crore fraud involving a real estate group and thousands of homebuyers, seizing assets worth more than Rs 5 crore, officials said on Saturday.
The searches were conducted by the ED’s Gurugram Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, at premises in Faridabad, Palwal and Bhiwadi linked to the Piyush Group of Companies and its former promoters. Among the locations searched were properties associated with former MLA Mahendra Pratap Singh, who is a partner in a joint-venture commercial project suspected to have been built using funds diverted from homebuyers.
According to the ED, the raids led to the recovery of incriminating documents, including property deeds, books of accounts, and digital records, along with cash, jewellery and bank balances collectively valued at over Rs 5 crore. The searches also covered premises belonging to erstwhile promoters, current resolution professionals and directors of the group.
The investigation stems from multiple FIRs registered by agencies such as the Economic Offences Wing (EOW) and the Central Bureau of Investigation (CBI). These cases allege cheating, criminal breach of trust, forgery, criminal conspiracy and corruption.
As per the FIRs, the promoters of the group allegedly lured investors and homebuyers with promises of assured returns and timely delivery of residential and commercial units. Despite collecting large sums as booking amounts, the projects remained largely incomplete, possession was delayed for years, and refunds were not issued.
Investigators have also alleged serious irregularities, including fabrication of documents, allotment of the same unit to multiple buyers, and the sale of mortgaged land without obtaining mandatory consent from banks.
The ED said the group’s companies are currently undergoing insolvency proceedings for several stalled projects located in Palwal, Faridabad, Bhiwadi, Dharuhera and other areas. Preliminary findings suggest that more than Rs 600 crore was collected from buyers between 2010 and 2018, affecting over 2,000 homebuyers.
Physical verification of project sites revealed that construction work had either come to a standstill years ago or was less than 50 per cent complete.
The Piyush Group, promoted by late Anil Goyal and his sons, late Puneet Goel and Amit Goel, was involved in residential and commercial real estate development across Haryana and Rajasthan. Key entities of the group, including Piyush Colonisers Limited and Piyush Shelters India Pvt Ltd, have been admitted into the Corporate Insolvency Resolution Process (CIRP).
The ED said forensic audits conducted during the insolvency proceedings pointed to large-scale diversion of funds, strengthening the case under the money laundering law.