ED Attaches Properties Worth Rs 23.13 Crore in Punjab Under PMLA in Hacienda Projects Fraud Case

The Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached five immovable properties valued at Rs 23.13 crore, consisting of agricultural land and industrial plots located in Hoshiarpur, Fatehgarh Sahib, and Mohali, Punjab.

These properties are held in the names of Moonlight Propbuild Pvt Ltd and Elco Global Ventures LLP and have been attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a fraud case involving Hacienda Projects Private Limited, its Promoters, Directors, and others.

The ED investigation began following directives from the Allahabad High Court and after several FIRs were filed by the Economic Offences Wing (EOW) in New Delhi against Hacienda Projects Pvt Ltd (HPPL), its Promoters, Directors, officials, and others.

The allegations include diverting and misusing investors’ funds, primarily collected from home buyers, who were eventually left without the promised flats.

During the investigation, it was revealed that the Lotus 300 project in Sector 107, Noida, launched by HPPL on a land parcel measuring 67,941.45 square meters in 2010-2011, involved Builder Buyer Agreements with customers.

However, a portion of this land, measuring 27,941.45 square meters and valued at Rs 236 crore, was sold to Prateek Infraprojects Pvt Ltd in violation of the original Builder Buyer Agreement conditions.

Further inquiries revealed that approximately Rs 190 crore from the project funds was diverted to its group company, Three C Universal Developers Pvt Ltd.

The misappropriation of funds resulted in a severe shortage of resources to complete the project, eventually leading to the insolvency of HPPL.

This left investors without their flats, while dues owed to the NOIDA Authority remained unpaid by the company. Searches were conducted from September 17 to 20 at various locations associated with the Directors and Promoters of the Three C Group, leading to the recovery of Proceeds of Crime (POC) amounting to Rs 42 crore in cash, diamonds, jewelry, incriminating documents, and digital devices.

The investigation further revealed that the funds diverted to Three C Universal Developers Pvt Ltd were primarily advanced as unsecured loans to other group companies, including Moonlight Propbuild Pvt Ltd and M/s Elco Global Ventures LLP.

These funds were utilized to acquire properties in Punjab, funded by investors’ money siphoned from HPPL and layered through various companies within the Three C Group before being converted into immovable assets. The ED continues to investigate the matter in depth.