The Enforcement Directorate (ED) has escalated its efforts to combat alleged real estate fraud by provisionally attaching assets valued at ₹944 crore linked to Piyush Colonisers Limited and its former promoters. This crackdown stems from a case involving the alleged diversion of funds from homebuyers, resulting in the non-delivery of housing units to over 1,500 buyers across projects in Palwal, Faridabad, Rewari, and Bhiwadi. The ED's actions underscore a broader investigation into the misuse of collected funds and the financial misconduct associated with these real estate ventures.
The assets seized include significant land parcels, with 63 acres in Palwal, 62 acres in Bhiwadi, and 7 acres in Dharuhera, alongside approximately 19,000 square feet of commercial space in Faridabad. This extensive seizure encompasses various project lands, apartments, and agricultural properties. The ED's initiative is a direct response to a Prosecution Complaint filed on March 30, 2026, in a special Prevention of Money Laundering Act (PMLA) court in Gurugram against Amit Goel, a former promoter of Piyush Colonisers Limited, and several others involved.
The investigation commenced following multiple FIRs lodged by agencies, including Haryana Police, the Economic Offences Wing of Delhi, and the Central Bureau of Investigation (CBI). These filings brought to light serious allegations encompassing criminal conspiracy, cheating, and misconduct related to the real estate projects managed by the Piyush Group. As the ED delved deeper, it uncovered a troubling narrative involving the siphoning off of funds collected from homebuyers, which were allegedly redirected to subsidiary companies instead of being utilized for the completion of existing projects. The ramifications of these actions have left a significant number of buyers without the homes they had paid for, exacerbating the crisis in the housing sector.
Additionally, the ED has pointed out efforts by the promoters to shield assets from scrutiny. This was allegedly accomplished through the transfer of project land by shifting shareholding to family members without due consideration. Such maneuvers appear to have been designed to alienate key assets from homebuyers, particularly amid insolvency proceedings. Investigators assert that these actions not only hinder recovery efforts but also complicate the overall resolution process for affected buyers. As this case unfolds, it highlights the urgent need for regulatory oversight in the real estate sector to protect consumers and ensure accountability among developers.