The Enforcement Directorate (ED) has provisionally attached immovable assets valued at around Rs 944 crore associated with M/s Piyush Colonisers Limited, its former promoters, and related entities. This action was taken as part of an ongoing money laundering investigation under the Prevention of Money Laundering Act (PMLA), 2002 by the ED’s Gurugram Zonal Office. The assets seized include project land parcels, residential flats, agricultural land, and commercial spaces situated in various locations in Haryana and neighboring Rajasthan.
The attached properties consist of land parcels in Palwal (about 63 acres), Bhiwadi (about 62 acres), and Dharuhera (approximately 7 acres), in addition to nearly 19,000 square feet of commercial space in Faridabad. Other assets are located in Rewari and other areas associated with the group’s real estate projects. The ED also submitted a charge sheet on March 30 before the Special PMLA Court in Gurugram against Amit Goel, a former promoter of Piyush Colonisers Limited, and others.
The investigation originated from multiple FIRs filed by the Haryana Police, the Economic Offences Wing (EOW) in New Delhi, and the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC), 1860. These cases involve allegations of criminal conspiracy, cheating, and financial misconduct. The ED revealed that the probe revolves around significant irregularities in several housing projects undertaken by the Piyush Group in Palwal, Faridabad, Rewari, and Bhiwadi, affecting over 1,500 homebuyers due to undelivered residential units.
According to the ED, funds collected from buyers were allegedly diverted and siphoned off to subsidiary entities, which were then used to purchase new land parcels instead of completing ongoing projects. Further investigations indicate that primary promoters transferred ownership of project lands to family members through share transfers without consideration, especially during insolvency proceedings, purportedly to protect assets and deceive homebuyers. M/s Piyush Colonisers Limited entered the Corporate Insolvency Resolution Process (CIRP) in 2019 due to financial and legal challenges, with a pending approval for the company’s resolution plan.
The ED confirmed that the investigation into the matter is still ongoing.
