ED Freezes Assets Worth Rs 944 Crore Linked to Piyush Colonisers in Haryana and Rajasthan
Synopsis
The Enforcement Directorate has provisionally attached assets worth Rs 944 crore linked to Piyush Colonisers in a money laundering investigation. This significant action reveals serious allegations of financial misconduct affecting thousands of homebuyers.
Key Takeaways
The ED has temporarily seized assets valued at Rs 944 crore linked to Piyush Colonisers.
Assets include land, residential, and commercial properties in Haryana and Rajasthan.
The investigation stems from allegations of financial misconduct affecting numerous homebuyers.
Amit Goel and others have been charged in connection with the case.
The ED's investigation is ongoing, with more developments expected.
New Delhi, April 6 (NationPress) The Enforcement Directorate (ED) has temporarily seized immovable assets valued at around Rs 944 crore associated with M/s Piyush Colonisers Limited, including its previous promoters and related parties, as part of an ongoing investigation into money laundering, officials reported on Monday.
This operation was executed by the ED’s Gurugram Zonal Office in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
The confiscated properties encompass project land parcels, residential apartments, agricultural land, and commercial establishments located in various areas of Haryana and neighboring Rajasthan.
The assets under seizure include land holdings in Palwal (approximately 63 acres), Bhiwadi (around 62 acres), and Dharuhera (about 7 acres), in addition to nearly 19,000 square feet of commercial space in Faridabad. Additional properties are situated in Rewari and other regions tied to the group's real estate ventures.
On March 30, the ED lodged a charge sheet before the Special PMLA Court in Gurugram against Amit Goel, the former promoter of Piyush Colonisers Limited, along with several others.
The investigation originates from multiple FIRs filed by the Haryana Police, the Economic Offences Wing (EOW) based in New Delhi, and the Central Bureau of Investigation (CBI) under various provisions of the Indian Penal Code (IPC), 1860. These cases involve allegations of criminal conspiracy, fraud, and financial misconduct.
The ED highlighted that the situation includes extensive irregularities in numerous housing projects initiated by the Piyush Group in Palwal, Faridabad, Rewari, and Bhiwadi. Allegedly, over 1,500 homebuyers were impacted due to the failure to deliver promised residential units.
The agency alleges that funds gathered from buyers were improperly diverted to subsidiary businesses, where they were utilized to secure new land parcels rather than finishing existing projects.
Further investigations indicate that leading promoters transferred ownership of project lands to family members via shareholding shifts without any compensation, particularly during insolvency proceedings. The ED claims this was orchestrated to protect assets and defraud homebuyers.
Due to increasing financial and legal challenges, M/s Piyush Colonisers Limited entered the Corporate Insolvency Resolution Process (CIRP) in 2019. However, a resolution strategy for the company is still pending approval.
The ED confirmed that the investigation remains ongoing.
Point of View
The ongoing investigation into Piyush Colonisers highlights significant issues in the real estate sector, particularly concerning transparency and accountability. The ED's actions underscore the critical need for regulatory oversight to protect consumers and ensure that financial misconduct is addressed decisively.
NationPress
9 Jul 2026
Frequently Asked Questions
What prompted the ED to attach assets of Piyush Colonisers?
The ED's action was in response to allegations of money laundering linked to extensive irregularities in housing projects by Piyush Colonisers, affecting over 1,500 homebuyers.
What types of properties were attached?
The attached properties include land parcels, residential apartments, agricultural land, and commercial spaces located in Haryana and Rajasthan.
Who are the key figures involved in the case?
Amit Goel, the former promoter of Piyush Colonisers Limited, is among those named in the charge sheet filed by the ED.
What is the current status of the investigation?
The ED has confirmed that the investigation is ongoing, and additional findings may emerge as they probe deeper into the financial activities of the involved parties.
How has the situation affected homebuyers?
The investigation reveals that many homebuyers are experiencing significant distress due to the non-delivery of promised residential units.
