ED attaches properties worth Rs 944 cr of Piyush Colonisers Ltd, ex-promoters

Chandigarh: The Directorate of Enforcement (ED), Gurugram Zonal Office, on Monday provisionally attached immovable properties worth Rs 944 crore (approximately) of the Piyush Colonisers Limited, the former promoters of the company and their associated business entities.

The attached properties include project lands, apartments, agricultural lands and commercial space situated in Faridabad, Palwal, Rewari and Bhiwadi.

Read more: Piyush Group real estate crisis: 1,500 buyers, unfinished homes, and a maze of land deals

The project land parcels are situated at Palwal (approximately 63 acres), Bhiwadi (approximately 62 acres) and Dharuhera (approximately 7 acres), and a commercial space of about 19,000 square feet in Faridabad.

The action is consequent to the filing of a chargesheet by the ED before a PMLA court in Gurugram on March 30. The chargesheet was filed against Amit Goel, former promoter of M/s Piyush Colonisers Limited, and others.

The ED initiated an investigation into the case on the basis of FIRs registered by the Haryana Police; the Economic Offences Wing, New Delhi; and the CBI under various provisions of the IPC on allegations of criminal conspiracy, cheating and criminal misconduct.

The offences allegedly resulted in non-delivery of the units to the buyers of various Piyush Group projects situated in Palwal, Faridabad, Rewari and Bhiwadi. There were more than 1,500 buyers in the various projects of Piyush Group, and funds received by the group were siphoned off and routed to its subsidiary companies for subsequent investments in land parcels without completing the existing ones, stated an ED official.

Further investigation revealed that key promoters transferred all the land parcels by transferring shareholding in the project lands to the family members of ex-promoters, without consideration, to cheat and alienate project land from homebuyers during the insolvency proceedings.

The actions of the Piyush Group promoters led to the non-delivery of projects, and in 2019, the project company – M/s Piyush Colonisers Limited – entered the Corporate Insolvency Resolution Process (CIRP). However, the resolution plan for the same has not yet been approved.

Further investigation is in progress, said the official.

MSID:: 130061618 413 |


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