ED seizes ₹944 crore assets in Haryana-Rajasthan housing fraud

The Enforcement Directorate (ED) has provisionally attached immovable assets worth about ₹944 crore linked to Piyush Colonisers Limited , its former promoters, and associated entities in one of the largest housing fraud cases in the National Capital Region (NCR) and Rajasthan. The action, under the Prevention of Money Laundering Act (PMLA) , follows allegations that the company failed to deliver homes to over 1,500 buyers despite collecting substantial payments.

The seized assets include residential flats, project land, agricultural plots, and commercial spaces across Faridabad, Palwal, Rewari, Dharuhera, and Bhiwadi . Notable holdings comprise 63 acres in Palwal, 62 acres in Bhiwadi, 7 acres in Dharuhera, and nearly 19,000 sq ft of commercial property in Faridabad.

The ED’s probe was triggered after FIRs by Haryana Police, Delhi’s Economic Offences Wing, and the CBI alleging criminal conspiracy, cheating, and misconduct . Investigators allege that funds collected from buyers were diverted to subsidiary companies and unrelated ventures , leaving projects stalled or incomplete , with some units allegedly sold to multiple buyers. During insolvency proceedings, project land was reportedly transferred to family members without consideration , allegedly to shield assets.

A prosecution complaint was filed on March 30, 2026 , in a Special PMLA Court in Gurugram , naming former promoter Amit Goel and others. The company, part of the larger Piyush Group , entered the Corporate Insolvency Resolution Process (CIRP) in 2019 , but a resolution plan remains pending.

The case highlights the financial and legal impact on homebuyers , who remain without possession or refunds. Officials indicate further enforcement actions and charges are possible as investigations continue, underscoring the growing scrutiny of alleged financial irregularities in the real estate sector.