ED Attaches Properties Worth Rs. 23.13 Crore in Punjab Fraud Case

The Enforcement Directorate has provisionally attached properties valued at Rs. 23.13 crore in Punjab linked to a significant fraud by Hacienda Projects Private Limited. Funds siphoned from a Noida project were traced and invested into immovable properties. Investigation continues into the financial misconduct involved.

In a significant crackdown, the Enforcement Directorate (ED) has provisionally attached five immovable properties valued at Rs. 23.13 crore. These assets, including agricultural land and industrial plots located in Hoshiarpur, Fatehgarh Sahib, and Mohali in Punjab, are linked to a major fraud executed by Hacienda Projects Private Limited.

The ED investigation was initiated following directions from the Allahabad High Court and multiple FIRs by the Economic Offences Wing (EOW) in New Delhi. The investigation unearthed that Hacienda Projects Pvt Ltd siphoned funds from its Lotus 300 project in Noida. This diverted money was funneled into group companies, breaching Builder Buyer Agreement terms.

Further probes revealed that Rs. 190 crore was illicitly transferred to Three C Universal Developers Pvt Ltd, affecting project completion and pushing it into insolvency. Properties were traced to other group entities, Moonlight Propbuild Pvt Ltd and Elco Global Ventures LLP. Search operations revealed cash, diamonds, jewelry, and incriminating documentation worth Rs. 42 crore. Investigations are ongoing, the ED confirmed.

(With inputs from agencies.)