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The Enforcement Directorate (ED) has attached immovable assets worth around INR 944 crore in a housing fraud case linked to Piyush Colonisers Limited and its former promoters. The case involves alleged diversion of funds collected from over 1,500 homebuyers across projects in Haryana and Rajasthan. Investigations found that funds meant for construction were routed through group entities and used to acquire land. The action has been taken under the Prevention of Money Laundering Act, with further investigation ongoing into financial transactions and asset transfers.
The Enforcement Directorate has provisionally attached immovable properties worth about INR 944 crore belonging to Piyush Colonisers Limited, its former promoters and related entities as part of an ongoing money laundering investigation under the Prevention of Money Laundering Act (PMLA). The action is linked to multiple housing projects that remain incomplete despite significant collections from homebuyers. Advertisement
The attached assets include residential units, commercial spaces, project land and agricultural land spread across key locations such as Palwal, Faridabad, Rewari, Dharuhera and Bhiwadi. The agency has identified large land parcels of around 63 acres in Palwal, 62 acres in Bhiwadi and about 7 acres in Dharuhera, along with nearly 19,000 sq ft of commercial space in Faridabad. These assets are considered part of the proceeds of crime under the investigation.
The case relates to alleged fraud in several group housing projects where buyers had made payments but did not receive possession of their homes. More than 1,500 homebuyers are reported to have been affected due to project delays and non-delivery. Many of these projects remained stalled for years, leading to financial stress for buyers who had invested their savings.
Investigations showed that funds collected from buyers were not fully used for construction. Instead, a portion of the money was diverted through associated companies and used to acquire additional land parcels. This diversion impacted project completion timelines and contributed to the financial instability of the developments.
The probe was initiated based on FIRs registered by Haryana Police, Delhi Police's Economic Offences Wing and the Central Bureau of Investigation. These complaints included allegations of cheating, criminal conspiracy and misuse of funds. The agency has already filed a prosecution complaint before a special PMLA court in Gurugram against former promoter Amit Goel and others in connection with the case.
It was also found during the investigation that certain project-related land parcels were transferred to family members of the former promoters without adequate consideration during the insolvency process. This raised concerns about attempts to keep assets beyond the reach of creditors and homebuyers. The company had entered insolvency proceedings in 2019, and the resolution process is still pending, adding to delays in project completion.
Such enforcement actions have become more frequent in the real estate sector, especially in cases involving stalled housing projects and fund diversion. Authorities have been focusing on attaching assets to secure value for affected buyers and to trace the movement of funds across entities.
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