ED Initiates Major Seizure in Hacienda Projects Fraud Case

The Enforcement Directorate has attached properties valued at Rs 75.16 crore in several states, implicating Hacienda Projects Private Limited in a fraud case. The investigation follows High Court orders and multiple FIRs against this company for misappropriating investors' funds. This marks the second provisional attachment in the ongoing inquiry.

The Enforcement Directorate (ED) has taken significant action against Hacienda Projects Private Limited by attaching nine immovable properties worth Rs 75.16 crore. These properties, located in Haryana's Ambala, Punjab's Mohali, and Uttar Pradesh's Noida, were linked to a fraudulent scheme by the company and its associates.

The ED's Lucknow Zonal Office executed the attachment under the Prevention of Money Laundering Act (PMLA), 2002. The properties include agricultural lands, as well as institutional and commercial lands, which belong to entities like Three C Promoters and Developers Pvt Ltd and Acreage Properties Pvt Ltd.

The move came after the High Court of Allahabad directed the investigation, and multiple FIRs by the Economic Offences Wing (EOW) highlighted the siphoning of funds. Investigations revealed that funds meant for the Lotus 300 project in Noida were diverted, leading to the company's insolvency and leaving investors in the lurch.

(With inputs from agencies.)