₹944 Crore Assets Seized: Piyush Group’s Real Estate Fraud Shatters Trust of 1,500 Homebuyers

The Enforcement Directorate (ED) has intensified its crackdown on alleged real estate fraud by provisionally attaching properties worth ₹944 crore linked to Piyush Colonisers Limited, its former promoters, and associated entities. The case involves the alleged non-delivery of housing units to over 1,500 homebuyers in projects located in Palwal, Faridabad, Rewari, and Bhiwadi, where buyers were left without possession despite making payments.

The attached assets include a wide range of properties across multiple locations: - Land parcels in Palwal (63 acres), Bhiwadi (62 acres), and Dharuhera (7 acres) - Commercial space of around 19,000 sq ft in Faridabad - Other project lands, apartments, and agricultural properties

The action follows a Prosecution Complaint filed on March 30, 2026, before a special PMLA court in Gurugram against Amit Goel, the former promoter of Piyush Colonisers Limited, and others.

The ED initiated its investigation based on multiple FIRs filed by the Haryana Police, Economic Offences Wing (Delhi), and the Central Bureau of Investigation (CBI). These cases involve allegations of criminal conspiracy, cheating, and criminal misconduct, all linked to real estate projects undertaken by the Piyush Group.

According to the ED, the case centers around the diversion and misuse of funds collected from homebuyers. Key findings include: - Money collected from buyers was siphoned off and routed to subsidiary companies - Funds were used to acquire new land parcels instead of completing existing projects - Over 1,500 homebuyers were affected across projects in Faridabad, Palwal, Rewari, and Bhiwadi - Several housing projects were not delivered despite payments being collected

This diversion of funds led to stalled or incomplete projects, leaving buyers without possession of promised homes. The ED has also flagged what it describes as attempts by promoters to shield assets. Project land was allegedly transferred by shifting shareholding to family members of promoters without consideration. The objective, according to investigators, was to alienate assets from homebuyers during insolvency proceedings, further complicating the resolution process.

The financial distress eventually pushed the company into insolvency. Piyush Colonisers Limited entered the Corporate Insolvency Resolution Process (CIRP) in 2019, but the resolution plan is still pending approval. As a result, affected homebuyers continue to remain in limbo, with projects incomplete and investments stuck.

The case highlights the scale of impact on retail investors: - More than 1,500 buyers invested in these projects - Many are left without homes despite paying significant amounts - Funds meant for construction were allegedly diverted elsewhere

For buyers, this translates into: - Financial losses - Ongoing loan burdens - Delayed or denied home ownership

The case is being investigated under the Prevention of Money Laundering Act (PMLA), 2002, which allows authorities to attach assets derived from proceeds of crime. The ED has stated that further investigation is ongoing, and additional evidence and financial trails are being examined.

The ₹944 crore attachment is among the larger enforcement actions in the real estate space and signals a tougher stance against the alleged misuse of homebuyer funds.