Real Estate Racket: ED Swoops on Gurugram Developer

The Enforcement Directorate has attached assets worth about Rs 95 crore of a Gurugram-based real estate company, Sidhartha Buildhome Pvt. Ltd., and its promoter Sidharth Chauhan, for allegedly defrauding over 950 homebuyers. The action follows a money laundering probe under the Prevention of Money Laundering Act.

In a significant crackdown, the Enforcement Directorate (ED) has seized assets totaling approximately Rs 95 crore in connection with a money laundering investigation. The investigation targets Sidhartha Buildhome Pvt. Ltd. (SBPL), a real estate company based in Gurugram, and its promoter, Sidharth Chauhan, who face charges of defrauding more than 950 homebuyers.

A statement from the federal probe agency confirmed the attachment of land parcels, a residential house, and a commercial building in Gurugram, Haryana, under a provisional order issued under the Prevention of Money Laundering Act (PMLA). This action stems from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police based on complaints from homebuyers regarding failed project deliveries.

The ED alleges that SBPL and its promoter amassed approximately Rs 520 crore from homebuyers but diverted the funds as unsecured loans and advances to group companies instead of fulfilling project commitments. Attempts to reach the company and its promoter for comments on the allegations were unsuccessful.

(With inputs from agencies.)