Daijiworld Media Network - New Delhi

New Delhi, Apr 6: The Enforcement Directorate (ED) has provisionally attached immovable assets worth around Rs 944 crore linked to Piyush Colonisers Limited, its former promoters, and associated entities as part of an ongoing money laundering investigation.

The action was carried out by the agency’s Gurugram Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA).

According to officials, the attached assets include land parcels, residential flats, agricultural land, and commercial properties spread across Haryana and parts of Rajasthan. Key properties include around 63 acres in Palwal, 62 acres in Bhiwadi, and approximately 7 acres in Dharuhera, 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 projects.

The ED has also filed a charge sheet before a special PMLA court in Gurugram against Amit Goel, a former promoter of the company, and others on March 30.

The case originates from multiple FIRs registered by the Haryana Police, the Economic Offences Wing, and the Central Bureau of Investigation under provisions of the Indian Penal Code, involving allegations of criminal conspiracy, cheating, and financial irregularities.

Investigators allege large-scale irregularities in housing projects undertaken by the Piyush Group across Palwal, Faridabad, Rewari, and Bhiwadi, affecting over 1,500 homebuyers due to non-delivery of promised flats.

According to the ED, funds collected from buyers were allegedly diverted to subsidiary firms and used to acquire new land instead of completing existing projects. The agency also claims that promoters transferred project assets to family members without consideration during insolvency proceedings in an attempt to shield properties.

Facing mounting financial and legal issues, Piyush Colonisers Limited entered the Corporate Insolvency Resolution Process in 2019, but a resolution plan is yet to be finalised. The ED said further investigation in the case is ongoing.