The Enforcement Directorate's (ED) Gurugram Zonal Office on Friday provisionally attached immovable properties worth around Rs 206.40 crore in connection with a money laundering case involving TDI Infrastructure Ltd., officials said.
According to the agency, the attachment, made under the provisions of the Prevention of Money Laundering Act (PMLA), includes land parcels measuring around 8.3 acres and several commercial units located in Kamaspur in Haryana's Sonipat.
These properties are owned by TDI Infrastructure Ltd. and its associated companies. The ED initiated its investigation on the basis of 26 FIRs registered and charge sheets filed by the Delhi Police and the Economic Offences Wing.
As per the allegations mentioned in the FIRs, the company, along with its promoters and key managerial personnel, allegedly cheated and defrauded numerous homebuyers by failing to deliver flats and units within the promised timelines.
In one of the projects, the delay in delivery reportedly extended up to 16–18 years.The ED probe revealed that the company had launched several residential, commercial plot, and housing projects in Sonipat between 2005 and 2014.
Through these projects, the firm collected around Rs 4,619.43 crore as advance booking amounts from 14,105 customers across 23 projects. However, occupation certificates for four projects have still not been granted, while one project named "Park Street" remains incomplete, according to the agency.
Investigators found that the promoters and directors allegedly diverted substantial funds collected from homebuyers to subsidiaries, erstwhile subsidiaries and land-owning companies as advances for purchasing land and for other purposes instead of completing the housing projects.
The agency said customer funds were also used to repay company loans and make investments, which allegedly contributed to delays in construction and prevented buyers from receiving possession of their units or plots on time.
Earlier in the case, the ED had attached assets worth Rs 45.48 crore belonging to the company and its related entities. With the latest action, the total attachment in the case now stands at Rs 251.88 crore.Further investigation into the matter is underway.