1 month ago
1
: The Enforcement Directorate has provisionally attached assets worthy ₹944 crore held by Piyush Colonisers Limited, its erstwhile promoters and associated entities, successful transportation with the an alleged cheating case.
The properties see onshore parcels, flats, and commercialized abstraction located successful Haryana’s Faridabad, Palwal, Rewari and Bhiwadi. The bureau has besides filed a prosecution ailment against Amit Goel, erstwhile promoter of Piyush Colonisers Limited, and others.
The agency’s probe nether the Prevention of Money Laundering Act is based connected the cases registered by the Delhi Economic Offences Wing, Haryana police, and the Central Bureau of Investigation. “The offences resulted successful non-delivery of the units to the buyers of assorted Piyush Group projects situated successful Palwal, Faridabad, Rewari, and Bhiwadi,” said the ED.
There were much than 1500 buyers successful the assorted projects of Piyush Group. The funds received by the radical were allegedly siphoned disconnected and routed to its subsidiary companies for consequent investments successful onshore parcels without completing the existing projects.
“Further probe revealed that cardinal promoters transferred each the onshore parcels done transportation of shares holding task lands to the household members of erstwhile promoters without information to cheat and alienate task onshore from homebuyers during insolvency proceedings,” it said, adding that the institution aboriginal entered into the Corporate Insolvency Resolution Process successful 2019. A solution program for the aforesaid has not yet been approved.
