ED attaches ₹944-crore assets in Piyush Colonisers case

: The Enforcement Directorate has provisionally attached assets worth ₹944 crore held by Piyush Colonisers Limited, its former promoters and associated entities, in connection with the an alleged cheating case.

The properties include land parcels, flats, and commercial space located in Haryana’s Faridabad, Palwal, Rewari and Bhiwadi. The agency has also filed a prosecution complaint against Amit Goel, former promoter of Piyush Colonisers Limited, and others.

The agency’s probe under the Prevention of Money Laundering Act is based on the cases registered by the Delhi Economic Offences Wing, Haryana police, and the Central Bureau of Investigation. “The offences resulted in non-delivery of the units to the buyers of various Piyush Group projects situated in Palwal, Faridabad, Rewari, and Bhiwadi,” said the ED.

There were more than 1500 buyers in the various projects of Piyush Group. The funds received by the group were allegedly siphoned off and routed to its subsidiary companies for subsequent investments in land parcels without completing the existing projects.

“Further investigation revealed that key promoters transferred all the land parcels through transfer of shares holding project lands to the family members of former promoters without consideration to cheat and alienate project land from homebuyers during insolvency proceedings,” it said, adding that the company later entered into the Corporate Insolvency Resolution Process in 2019. A resolution plan for the same has not yet been approved.