Enforcement Directorate (ED) announced that it is finalizing a prosecution complaint (charge sheet) against a prominent Gurugram-based realty group and its promoters. The firm is accused of a massive financial fraud involving the diversion of funds meant for affordable housing projects under the Pradhan Mantri Awas Yojana (PMAY).
๐๏ธ Siphoning of Homebuyer Funds
The investigation, conducted under the Prevention of Money Laundering Act (PMLA), revealed serious financial irregularities. The ED found that the developers had collected nearly โน400 crore from over 1,500 homebuyers for affordable housing projects in Gurugram (Sectors 68 and 104).
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Diversion: Instead of using the money for construction, the promoters allegedly siphoned the funds to shell companies and used them for personal gains and other unrelated investments.
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Fake Documents: The probe also uncovered that the company submitted forged bank guarantees to the Department of Town and Country Planning (DTCP) to obtain commercial licenses, effectively cheating the state government.
โ๏ธ Assets Attached
The agency has already provisionally attached assets worth crores, including land parcels and luxury vehicles belonging to the directors. The filing of the charge sheet will formally frame charges of money laundering and cheating, paving the way for the trial of the accused promoters.
This action comes as a significant step towards justice for the thousands of middle-class families who have been waiting for their homes for years, only to find the construction stalled and their money missing.
