Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Enforcement Directorate (ED) has attached immovable assets worth more than INR 206 crore linked to Delhi-based TDI Infrastructure Limited as part of a money-laundering investigation connected to alleged fraud against homebuyers. The action follows multiple FIRs registered by the Delhi Police and the Economic Offences Wing, which accused the developer and its promoters of failing to deliver residential and commercial units despite collecting large sums from buyers. Investigators found that thousands of customers invested in several projects launched in Sonipat, Haryana, but many developments remain incomplete, with funds allegedly diverted to other entities and financial obligations.
The Enforcement Directorate has provisionally attached immovable properties worth more than INR 206 crore belonging to Delhi-based real estate developer TDI Infrastructure Limited in connection with an ongoing money-laundering investigation related to alleged cheating of homebuyers. The attachment was carried out under the Prevention of Money Laundering Act (PMLA) after the agency examined complaints and police cases linked to delays and non-delivery of housing units. Advertisement
According to the agency, the attached properties include land parcels and commercial units spread across around 8.3 acres in Kamaspur village in Sonipat, Haryana. These assets are held in the name of the company and some of its associated entities. The attachment order was issued by the ED's Gurugram Zonal Office as part of the continuing investigation into the company's financial transactions and project records.
The money-laundering probe is based on at least 26 FIRs registered by the Delhi Police and the Economic Offences Wing. These cases alleged that TDI Infrastructure Limited, its promoters and certain senior officials collected money from homebuyers for residential and commercial units but did not complete several projects within the promised timelines.
Investigators found that the company launched multiple real estate projects in Sonipat between 2005 and 2014 and raised around INR 4,619.43 crore from more than 14,100 buyers through advance bookings and instalment payments. Despite collecting these funds, several projects have remained incomplete for many years and some buyers are still waiting for possession of their properties.
Authorities noted that in several developments, delays stretched for nearly 16 to 18 years. At least four major projects have still not received occupation certificates, which means buyers have not been able to legally take possession of their units even after making substantial payments. One of the projects identified during the investigation as facing major delays is Park Street.
The ED's investigation also indicated that funds collected from homebuyers were not fully used for the construction of the promised housing projects. According to the agency's findings, a portion of the money was diverted to other group entities and land-holding companies in the form of advances. Investigators also found indications that some of the funds were used to repay corporate liabilities, service loans and support other investments that were not directly related to the stalled housing developments.
Officials stated that with the latest attachment of assets worth more than INR 206 crore, the total value of properties attached in the case has now reached around INR 251.88 crore. Earlier in the investigation, the agency had already attached assets worth about INR 45.48 crore linked to the company and its related entities.
Authorities are continuing to examine the financial trail of funds collected from buyers and the role of different entities connected with the projects. The probe is also looking into how the money raised from customers was moved across companies within the group and whether it was used for purposes unrelated to the original housing developments.
The case has added to the list of investigations involving stalled housing projects in the National Capital Region, where several developments launched during the mid-2000s real estate expansion faced delays due to financial stress, land issues and disputes with buyers.
Source PTI
FAQ
1. What action has the Enforcement Directorate taken against TDI Infrastructure?
The Enforcement Directorate has provisionally attached immovable assets worth more than INR 206 crore belonging to TDI Infrastructure Limited as part of an ongoing money-laundering investigation. The action was taken under the Prevention of Money Laundering Act after authorities reviewed complaints and police cases related to delays and non-delivery of housing units promised to buyers. The attachment is intended to secure properties that may have been linked to financial irregularities while the investigation continues.
2. Which properties have been attached in the investigation?
The attached assets include land parcels and commercial units covering around 8.3 acres located in Kamaspur village in Sonipat, Haryana. These properties are held in the name of the company and some associated entities connected with its projects. The order was issued by the ED's Gurugram Zonal Office as investigators examined financial records, project documentation, and transactions related to the developer's real estate activities.
3. What triggered the money-laundering investigation against the developer?
The probe is based on at least 26 FIRs registered by the Delhi Police and its Economic Offences Wing. The complaints alleged that the developer, its promoters, and certain officials collected significant payments from homebuyers for residential and commercial units but did not deliver the properties within the promised timelines. These allegations led authorities to investigate whether the funds collected were misused or diverted.
4. How many homebuyers and projects are involved in the case?
Investigators found that between 2005 and 2014 the developer launched several real estate projects in Sonipat and raised approximately INR 4,619.43 crore from more than 14,100 buyers through advance bookings and instalment payments. Despite the large inflow of funds, many of the projects remain incomplete even after several years, leaving thousands of customers waiting for possession of their properties.
5. What delays have homebuyers faced in these projects?
According to investigators, delays in some developments have extended for nearly 16 to 18 years. At least four major projects have still not received occupation certificates, which are required for buyers to legally take possession of their units. One of the developments identified during the investigation as experiencing significant delays is the Park Street project, where buyers have been waiting for completion and regulatory approvals.
6. What did investigators find about the use of funds collected from buyers?
Preliminary findings suggest that not all of the funds collected from homebuyers were used for construction of the promised projects. Authorities believe that part of the money was diverted to other group entities and land-holding companies as advances. Investigators also indicated that some funds may have been used to repay corporate liabilities, service loans, and support other investments that were unrelated to the housing developments for which buyers had paid.
7. What is the total value of assets attached in this case so far?
With the latest attachment of assets worth more than INR 206 crore, the total value of properties attached in the investigation has reached approximately INR 251.88 crore. Earlier, the ED had already attached assets worth about INR 45.48 crore linked to the developer and related entities. Authorities are continuing to track the financial trail and examine how funds collected from buyers moved through different companies within the group as part of the ongoing probe.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
