ED Freezes Assets Worth Rs 94.82 Crore Linked to Gurugram Promoter in Fraud Investigation
Click to start listening
Synopsis
The ED has provisionally attached assets worth Rs 94.82 crore belonging to Sidharth Chauhan, associated with M/s Sidhartha Buildhome Pvt. Ltd., under the PMLA due to complaints from homebuyers regarding fraud. The investigation reveals significant financial misconduct.
Key Takeaways
- ED attached assets worth Rs 94.82 crore.
- Involvement of Sidharth Chauhan and M/s SBPL.
- Complaints from homebuyers led to the investigation.
- Funds misused for unsecured loans rather than project completion.
- Ongoing investigation to uncover further fraud.
Gurugram, March 31 (NationPress) The Directorate of Enforcement (ED), based in Gurugram, has provisionally attached immovable properties valued at Rs 94.82 crore belonging to Sidharth Chauhan, the founder of M/s Sidhartha Buildhome Pvt. Ltd. (M/s SBPL), along with assets owned by his affiliate companies and other individuals.
This measure has been enacted under the Prevention of Money Laundering Act (PMLA), 2002, in relation to a case that involves the alleged fraud against numerous homebuyers.
The ED reports that the confiscated assets comprise several land parcels, a residential property, and a commercial structure, all situated in Gurugram, Haryana.
This action is a response to multiple complaints from distressed homebuyers, prompting an investigation into the financial misconduct associated with Chauhan and his real estate firm.
The ED launched its inquiry following First Information Reports (FIRs) filed by the Economic Offences Wing (EOW) of the Delhi Police. These FIRs originated from grievances lodged by homebuyers concerning M/s SBPL’s real estate projects -- Estella and NCR One, both located in Gurugram. The homebuyers accused the company of not delivering their promised homes within the agreed timelines.
As per the ED’s findings, M/s SBPL received around Rs 520 crore from over 950 homebuyers for its residential projects. However, rather than using the money for project fulfillment, Chauhan purportedly diverted the funds to his group companies as unsecured loans and advances.
A considerable portion of the funds was also allegedly invested in unrelated ventures, further postponing project completion and leaving buyers in a lurch, the ED reported.
The investigation is ongoing, with the ED continuing to trace the financial pathways to uncover additional instances of fund misappropriation and potential accountability of other parties involved in the alleged fraud.
Authorities have pledged that suitable legal actions will be initiated against those found responsible for defrauding homebuyers and misusing public funds.
