The Enforcement Directorate's Lucknow unit conducted extensive raids on multiple premises linked to former Noida CEO Mohinder Singh and various builders as part of a money laundering investigation. Following the Allahabad High Court's directives, the ED focused on Hacienda Projects Private Limited (HPPL) and its promoters, who allegedly diverted investors' and home buyers' funds, failing to deliver promised flats. During the searches, assets worth approximately INR 4.256 billion were seized, including cash, gold, diamond jewelry, and property documents, highlighting the significant scale of the alleged fraud affecting home buyers of the Lotus 300 Projects in Noida.
The Lucknow unit of the Enforcement Directorate has seized cash, gold, and diamond jewelry valued at over INR 4.2 billion following raids at several locations connected to former Noida CEO Mohinder Singh, a retired IAS officer, and various builders involved in a money laundering case.
First reported by TNN, the ED carried out raids at 18 sites in Delhi, Noida, and Meerut in Uttar Pradesh, as well as in Chandigarh and Goa. This was part of an investigation into alleged fraud perpetrated by Hacienda Projects Private Limited (HPPL), its promoters, directors, and associated entities. The fraud reportedly amounts to approximately INR 4.26 billion and involves home buyers of the Lotus 300 Projects in Noida.
The office and residential premises of the company, its promoters, and related entities-including HPPL, Cloud 9 Projects Pvt. Ltd., Surpreet Singh Suri, Vidur Bhardwaj, Nirmal Singh, Aditya Gupta, Ashish Gupta, and former IAS officer Singh-were searched. The Enforcement Directorate began a money laundering investigation due to instructions from the Allahabad High Court concerning HPPL and its promoters. They are accused of misusing funds from investors and home buyers, which led to the failure to deliver the flats that were promised.
Initially, the Economic Offences Wing of the Delhi Police filed FIRs in this matter. The ED reported that cash and jewelry valued at approximately INR 4.256 billion were seized during the searches. This included "unexplained" cash amounting to INR 8.5 million , gold and diamond jewelry worth INR 2.935 billion, a solitaire diamond valued at INR 526 million , diamond jewelry totaling INR 710 million , and property documents worth crores of rupees.
The ongoing investigation by the Enforcement Directorate underscores the serious implications of financial misconduct in the real estate sector. The substantial assets seized during the raids not only reflect the scale of the alleged fraud but also emphasize the importance of protecting the rights of home buyers and investors. As the case develops, it will serve as a critical reminder of the need for accountability and transparency within the industry. The ED's efforts aim to restore faith among consumers and ensure that those responsible for financial misdeeds are held accountable, safeguarding the interests of the public in future transactions.
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