ED attaches properties worth Rs 23.13 cr in Punjab linked to Hacienda Projects fraud case
Oct 29, 2024
Lucknow (Uttar Pradesh) [India], October 29 : The Directorate of Enforcement (ED) Lucknow Zonal Office has provisionally attached five immovable properties worth Rs. 23.13 crore in the form of agricultural land and industrial plots located in Hoshiarpur, Fatehgarh Sahib, and Mohali in Punjab, in connection with a fraud committed by Hacienda Projects Private Limited, the agency said in a release.
The properties are registered in the names of Moonlight Propbuild Pvt Ltd and Elco Global Ventures LLP, the agency said.
ED initiated investigation on the basis of directions of Allahabad High Court and on the basis of multiple FIRs registered by Economic Offences Wing (EOW), New Delhi against Hacienda Projects Pvt Ltd (HPPL), its Promotors and Director or officials and others for diversion or siphoning off the hard-earned monies of the investors and home buyers and ultimately not providing them the promised flats.
ED investigation revealed that Lotus 300 project at Sector 107, Noida by HPPL was started on a land parcel of 67,941.45 sq. mtrs. In 2010-11 and accordingly the Builder Buyer Agreements were executed. Later on, land portion of 27,941.45 sq. mtrs. valued at Rs 236 Crore was sold to Prateek Infraprojects Pvt violating the conditions of the Builder Buyer Agreement.
It was revealed that an amount of Rs. 190 Crore from the project was siphoned off to its group company Three C Universal Developers Pvt Ltd. Due to the said siphoning off of funds the project fell short of funds and could not get completed and the company was pushed into insolvency leaving the investors high and dry along with NOIDA Authority whose dues were also not paid by HPPL.
Searches conducted between September 9 and September 20 at various premises connected to the directors and promoters of the Three C Group resulted in the recovery of proceeds of crime (POC) in the form of cash, diamonds, and jewelry amounting to Rs. 42 crore, along with incriminating documents and digital devices, the ED said in its release.
Further, the Investigation has revealed that out of the funds siphoned off to Three C Universal Developers Pvt Ltd, most of the money has been advanced as unsecured loans to various other group cos. including Moonlight Propbuild Pvt Ltd and Elco Global Ventures LLP for holding assets purchased out of the POC viz. the investors' money siphoned off form HPPL which had been layered through the group cos. of Three C Group and integrated in the form of immovable assets in Punjab, the ED said.
Further investigation is under progress, it added.
