attaches assets worth – :The Enforcement Directorate has provisionally attached assets worth ₹944 crore of Piyush Colonizers Ltd, its former promoters and related entities in an alleged fraud case. The properties include land parcels, flats and commercial spaces located in Faridabad, Palwal, Rewari and Bhiwadi in Haryana.

The agency has also filed a prosecution complaint against former Piyush Colonizers Limited promoter Amit Goyal and others. The agency’s investigation under the Prevention of Money Laundering Act is based on cases registered by the Delhi Economic Offenses Wing, Haryana Police and the Central Bureau of Investigation. “The offenses resulted in non-delivery of units to buyers of various Piyush Group projects located in Palwal, Faridabad, Rewari and Bhiwadi,” the ED said.

Piyush Group had more than 1500 buyers across various projects. The funds received by the group were allegedly withdrawn and sent to its subsidiaries for subsequent investment in land parcels without completing the existing projects.

“Further investigation revealed that the key promoters transferred all the land parcels through transfer of shares of the project land to the family members of the former promoters without any consideration to defraud and alienate the project land from home buyers during the insolvency proceedings,” it said, adding that the company later entered the corporate insolvency resolution process in 2019. A resolution plan for this has not been approved yet.