ED Seizes Rs 82 Crore Properties in Ansal Hub-83 Real Estate Fraud

The Enforcement Directorate (ED) has taken a significant step in the ongoing investigation of a large-scale real estate fraud. Properties worth Rs 82 crore, associated with the Ansal Hub-83 project in Sector-83, Gurugram, have been attached. The project, spread over approximately 2.47 acres, includes 147 commercial shops, 137 office spaces, and two restaurant units.

The ED's Gurugram zonal office executed the attachment under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The investigation was initiated based on an FIR registered by the Haryana Police in June 2023. The FIR was filed against the promoters and senior officials of Ansal Housing Limited (formerly known as Ansal Housing and Construction Ltd) under sections 120-B, 406, and 420 of the Indian Penal Code (IPC). The complaint was lodged by the HUB-83 Allottee Welfare Association, representing over a thousand investors who had invested in the project.

The ED's investigation revealed that the project was launched and commercial units were sold to investors before obtaining the necessary statutory approvals. Despite the project license expiring in December 2015, the developers continued to collect money from investors and sell units until September 2023 without renewing the license. This period saw the collection of more than Rs 82 crore from innocent allottees between 2011 and 2023.

Several aggrieved investors approached the Haryana Real Estate Regulatory Authority (HRERA) with complaints regarding delays in possession, non-completion of the project, illegal collection of money, and violation of statutory obligations by the developer. Investors were promised timely possession and world-class facilities, but even after nearly 15 years, no occupation certificate has been issued, and possession has not been handed over.

The funds collected were not used for completing the project but were instead diverted for other purposes and personal gain. The ED has provisionally attached the project land and the construction done so far to prevent any transfer, sale, or disposal of the assets, which could defeat future confiscation proceedings under the PMLA.

This action by the ED is a significant step towards ensuring justice for the investors and holding the developers accountable for their actions. The ongoing investigation aims to uncover the full extent of the fraud and bring all those involved to justice.