In a major action against alleged real estate fraud, the Enforcement Directorate (ED) has provisionally attached assets worth Rs 944 crore linked to Piyush Colonisers Limited, its former promoters, and associated entities. The move comes amid allegations of diversion of homebuyers’ funds and failure to deliver promised housing units.
The case involves more than 1,500 buyers across projects in Palwal, Faridabad, Rewari, and Bhiwadi, many of whom reportedly paid for homes but are yet to receive possession. The attached assets span multiple locations and include 63 acres of land in Palwal, 62 acres in Bhiwadi, and 7 acres in Dharuhera, along with approximately 19,000 sq ft of commercial space in Faridabad. Additional properties such as apartments and agricultural land have also been seized.
The ED’s action follows a Prosecution Complaint filed on March 30, 2026, before a special PMLA court in Gurugram against Amit Goel, former promoter of Piyush Colonisers Limited, and others. The investigation was initiated based on FIRs registered by Haryana Police, the Economic Offences Wing (Delhi), and the Central Bureau of Investigation (CBI), citing allegations of criminal conspiracy, cheating, and misconduct.
According to the agency, funds collected from homebuyers were allegedly diverted to subsidiary firms and used to acquire new land instead of completing ongoing projects. This diversion is believed to have stalled construction, leaving buyers without homes despite making payments.
The ED has also pointed to alleged attempts to shield assets by transferring project ownership to family members without consideration, particularly during insolvency proceedings. The company entered the Corporate Insolvency Resolution Process (CIRP) in 2019, but a resolution plan is still pending.
For affected buyers, the consequences have been severe—ranging from financial losses and continued loan repayments to prolonged uncertainty over home ownership. The case, being investigated under the Prevention of Money Laundering Act (PMLA), 2002, remains ongoing, with further scrutiny of financial transactions and evidence underway.
The Rs 944-crore attachment marks one of the significant enforcement actions in the sector, highlighting increased regulatory focus on safeguarding homebuyer interests.
Source: Business Standard
