New Delhi, Jan 17 (NationPress) The Enforcement Directorate (ED) conducted extensive searches across various locations in Haryana, particularly at the properties linked to former MLA Mahendra Pratap Singh, as part of an investigation into a realtor's alleged ₹600 crore fraud involving homebuyers. The operation resulted in the confiscation of assets, including jewellery and bank balances exceeding ₹5 crore, according to a statement from an official on Saturday.

The ED's Gurugram Zonal Office executed search operations in Faridabad, Palwal, and Bhiwadi under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, targeting the Piyush Group of Companies and its former promoters.

Incriminating items seized included deeds, accounting books, digital devices, as well as cash, jewellery, and bank balances totaling over ₹5 crore, the official reported.

Searches also encompassed properties owned by former promoters, current resolution professionals, directors, and Mahendra Pratap Singh, a partner in a commercial project believed to have been financed with funds misappropriated from homebuyers, the ED stated.

This action stems from multiple FIRs filed by various investigative bodies, such as the Economic Offences Wing (EOW) and the Central Bureau of Investigation (CBI), which accuse the promoters of cheating, breaching trust, forgery, conspiracy, and corruption.

The FIRs claim that the promoters lured investors and homebuyers into contributing to several projects by promising guaranteed returns and timely completion.

Despite receiving substantial booking fees, the projects have largely remained unfinished, with possession not granted even after significant delays, and refunds were not issued, according to the ED.

Moreover, the FIRs allege that documents were fabricated, multiple buyers were allotted the same unit, and land was fraudulently sold while still mortgaged without bank approval.

The two companies involved are currently under insolvency proceedings due to incomplete projects across Palwal, Faridabad, Bhiwadi, Dharuhera, and other areas.

Initial findings from the searches indicated that the group raised over ₹600 crore between 2010 and 2018.

More than 2,000 homebuyers/victims have reportedly been affected, with physical inspections confirming that construction has either ceased or is less than 50% complete.

The Piyush Group, founded by the late Anil Goyal and his sons, the late Puneet Goel and Amit Goel, was involved in residential and commercial property development throughout Haryana and Rajasthan.

The group initiated numerous projects in Palwal, Faridabad, Bhiwadi, Dharuhera, and various other sites. Several key companies, such as Piyush Colonisers Limited and Piyush Shelters India Pvt Ltd, have entered the Corporate Insolvency Resolution Process (CIRP). During this process, forensic audits have revealed substantial fund diversions, according to the ED.