ED searches premises linked to Piyush Group in alleged real estate fraud case

The Enforcement Directorate (ED) has conducted searches against the Piyush Group of Companies and its erstwhile promoters in connection with an alleged real estate fraud case.

“The searches included the premises of erstwhile promoters, the present resolution professionals, directors, and a former MLA of Haryana, Mahendra Pratap Singh, a partner in a commercial project through JV (Joint Venture) which has been suspected to be constructed from homebuyers’ funds siphoned from other projects,” the agency said on Saturday (January 17, 2026).

The ED has taken action based on multiple First Information Reports (FIRs) registered by various investigating agencies, including the Economic Offences Wing and the Central Bureau of Investigation.

They allege that the promoters induced investors and homebuyers to invest in various projects by offering assured returns and timely possession. However, despite collecting substantial booking amounts, they did not deliver on the projects as promised. The FIRs also allege fabrication and forging of documents, allotment of the same unit to multiple buyers, and fraudulent sale of mortgaged land without obtaining bank consent, it said.

The two companies are currently undergoing insolvency proceedings on the incomplete projects in Palwal, Faridabad, Bhiwadi, Dharuhera, and other locations in Haryana. The group had collected more than ₹600 crore between 2010-2018. More than 2,000 homebuyers/victims are stated to have been affected.

“The Piyush Group, promoted by late Anil Goyal and his sons, late Puneet Goel and Amit Goel, was engaged in residential and commercial real estate development across Haryana and Rajasthan…key group companies, including Piyush Colonisers Limited and Piyush Shelters India Pvt. Ltd., were admitted into Corporate Insolvency Resolution Process (CIRP). During CIRP, forensic audits indicated significant diversion of funds,” the ED alleged.