ED Attaches ₹944 Crore Assets in Piyush Group Real Estate Fraud Case
The Enforcement Directorate (ED) has intensified its crackdown on alleged real estate fraud by provisionally attaching assets worth ₹944 crore linked to Piyush Colonisers Limited, its former promoters, and associated entities. The action stems from a case involving the alleged diversion of funds collected from homebuyers and the non-delivery of housing projects across Palwal, Faridabad, Rewari, and Bhiwadi. Over 1,500 buyers were reportedly left without possession of homes despite making payments, raising serious concerns over financial mismanagement in the projects.
According to the agency, the attached assets include land parcels spanning 63 acres in Palwal, 62 acres in Bhiwadi, and 7 acres in Dharuhera, along with commercial space of around 19,000 sq ft in Faridabad and other project-linked properties. The ED’s investigation, initiated based on multiple FIRs filed by Haryana Police, Delhi’s Economic Offences Wing, and the CBI, revealed alleged diversion of funds to subsidiary firms and acquisition of new land instead of completing existing housing projects. A prosecution complaint has already been filed before a special PMLA court in Gurugram against former promoter Amit Goel and others.
The agency further alleged that promoters attempted to shield assets by transferring project holdings to family members without consideration, particularly during insolvency proceedings. Piyush Colonisers Limited has been under the Corporate Insolvency Resolution Process since 2019, with resolution still pending, leaving buyers in prolonged uncertainty. Investigated under the Prevention of Money Laundering Act (PMLA), the case highlights significant financial distress for affected buyers, many of whom continue to face loan burdens without receiving homes. The ED has indicated that further investigation is ongoing, signaling a stricter stance against misuse of homebuyer funds in the real estate sector.
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