The Enforcement Directorate has intensified its crackdown on alleged real estate fraud, provisionally attaching properties worth ₹944 crore linked to Piyush Colonisers Limited, its former promoters and associated entities, in a case involving alleged diversion of homebuyers’ funds and non-delivery of housing projects.
The case is linked to the alleged non-delivery of housing units to over 1,500 homebuyers, in projects located in Palwal, Faridabad, Rewari and Bhiwadi, where buyers were allegedly left without possession despite payments, according to the agency.
What the ED action involves
The attached assets include a wide range of properties across multiple locations:
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Land parcels in Palwal (63 acres), Bhiwadi (62 acres) and Dharuhera (7 acres) -
Commercial space of around 19,000 sq ft in Faridabad -
Other project lands, apartments and agricultural properties
The action follows a Prosecution Complaint filed on March 30, 2026 before a special PMLA court in Gurugram against Amit Goel, former promoter of Piyush Colonisers Limited, and others.
How the case began
The ED initiated its investigation based on multiple FIRs filed by:
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Haryana Police -
Economic Offences Wing (Delhi) -
Central Bureau of Investigation (CBI)
These cases involve allegations of:
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Criminal conspiracy -
Cheating -
Criminal misconduct
All linked to real estate projects undertaken by the Piyush Group.
What the investigation found
According to the ED, the case centres around diversion and misuse of funds collected from homebuyers.
Key findings include:
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Money collected from buyers was siphoned off and routed to subsidiary companies -
Funds were used to acquire new land parcels instead of completing existing projects -
Over 1,500 homebuyers were affected across projects in Faridabad, Palwal, Rewari and Bhiwadi -
Several housing projects were not delivered despite payments being collected
This diversion of funds led to stalled or incomplete projects, leaving buyers without possession of promised homes.
Alleged attempts to divert assets
The ED has also flagged what it describes as attempts by promoters to shield assets:
Project land was allegedly transferred by shifting shareholding to family members of promoters
These transfers were done without consideration
The objective, according to investigators, was to alienate assets from homebuyers during insolvency proceedings
Such actions, the ED says, were aimed at preventing recovery and further complicating the resolution process.
Insolvency proceedings and unresolved projects
The financial distress eventually pushed the company into insolvency:
Piyush Colonisers Limited entered the Corporate Insolvency Resolution Process (CIRP) in 2019. However, the resolution plan is still pending approval
As a result, affected homebuyers continue to remain in limbo, with projects incomplete and investments stuck.
Impact on homebuyers
The case highlights the scale of impact on retail investors:
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More than 1,500 buyers invested in these projects -
Many are left without homes despite paying significant amounts -
Funds meant for construction were allegedly diverted elsewhere
For buyers, this translates into:
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Financial losses -
Ongoing loan burdens -
Delayed or denied home ownership -
Legal framework and next steps
The case is being investigated under the Prevention of Money Laundering Act (PMLA), 2002, which allows authorities to attach assets derived from proceeds of crime.
The ED has stated that:
Further investigation is ongoing
Additional evidence and financial trails are being examined
The broader takeaway
The ₹944 crore attachment is among the larger enforcement actions in the real estate space and signals a tougher stance against alleged misuse of homebuyer funds.