: The Enforcement Directorate has provisionally connected assets value ₹944 crore held by Piyush Colonisers Limited, its former promoters and related entities, in reference to the an alleged dishonest case.
The properties embrace land parcels, flats, and business house situated in Haryana’s Faridabad, Palwal, Rewari and Bhiwadi. The company has additionally filed a prosecution grievance towards Amit Goel, former promoter of Piyush Colonisers Limited, and others.
The company’s probe underneath the Prevention of Money Laundering Act relies on the circumstances 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,” stated the ED.
There have been greater than 1500 consumers in the varied tasks of Piyush Group. The funds obtained by the group have been allegedly siphoned off and routed to its subsidiary corporations for subsequent investments in land parcels with out finishing the prevailing tasks.
“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 stated, including that the corporate later entered into the Corporate Insolvency Resolution Process in 2019. A decision plan for a similar has not but been accepted.
Published – April 07, 2026 04:29 am IST
