ED Attaches ₹944 Crore Properties in Piyush Colonisers Case Amid Housing Fraud Probe

The Enforcement Directorate (ED) has provisionally attached immovable properties worth approximately ₹944 crore belonging to Piyush Colonisers Limited, its former promoters, and associated entities as part of an ongoing money laundering investigation.

The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with allegations of large-scale real estate fraud involving non-delivery of housing units to homebuyers despite receiving payments. The case reportedly impacts over 1,500 buyers across projects in Haryana and Rajasthan.

The attached assets include project land, residential flats, agricultural land, and commercial properties located in Faridabad, Palwal, Rewari, Bhiwadi, and Dharuhera. Notably, land parcels of over 60 acres each in Palwal and Bhiwadi, along with commercial spaces in Faridabad, form part of the seized assets.

Investigations reveal that funds collected from homebuyers were allegedly diverted and siphoned off to subsidiary entities instead of being used for project completion. Authorities also suspect that promoters attempted to transfer assets to family members without consideration to shield them during insolvency proceedings.

The ED initiated the probe based on FIRs filed by Haryana Police, the Economic Offences Wing (Delhi), and the CBI under provisions relating to cheating, criminal conspiracy, and misconduct. A prosecution complaint has also been filed before a special PMLA court in Gurugram against the former promoter and others.

This enforcement action highlights the government’s intensified crackdown on real estate fraud and financial irregularities, particularly in cases where homebuyers are left without possession or refunds. It also underscores the increasing use of PMLA provisions to address large-scale economic offences in the property sector.