ED Seizes Assets Valued Over ₹42 Crore in Money Laundering Case
New Delhi, September 20 (PTI) – The Enforcement Directorate (ED) has conducted extensive raids resulting in the seizure of cash, gold, and diamond jewellery valued at over ₹42 crore in connection with a money laundering case linked to retired NOIDA Authority CEO Mohinder Singh and various builders. This investigation concerns the alleged duping of home buyers’ funds.
On September 17-18, the federal probe agency executed searches in multiple locations, including Delhi, Noida, Meerut in Uttar Pradesh, as well as Chandigarh and Goa. These actions are part of an ongoing investigation into suspected fraudulent activities by Hacienda Projects Private Limited along with its promoters, directors, and related entities. The agency reported that the fraud amounts to an alarming ₹426 crore, particularly affecting home buyers of the Lotus 300 Projects in Noida.
During the raids, the ED inspected both office and residential premises associated with the company and its affiliates. Relevant parties include HPPL, Cloud 9 Projects Pvt. Ltd., and individuals such as Surpreet Singh Suri, Vidur Bhardwaj, Nirmal Singh, Aditya Gupta, Ashish Gupta, and retired IAS officer Mohinder Singh.
The current money laundering case was instigated by the ED following instructions from the Allahabad High Court, which mandated further investigation into the matter. The court’s directive is aimed at addressing the allegations of “diversion and siphoning off the hard-earned money of investors and home buyers,” who have reportedly not received the flats they were promised.
Initially, the Economic Offences Wing (EOW) of the Delhi Police filed First Information Reports (FIRs) regarding this case. Following the searches, the ED announced the confiscation of assets totalling ₹42.56 crore, which includes “unexplained” cash amounting to ₹85 lakh, gold and diamond jewellery worth ₹29.35 crore, a solitaire diamond valued at ₹5.26 crore, additional diamond jewellery totalling ₹7.1 crore, and documents pertaining to property worth crores of rupees.
This case highlights the ongoing challenges faced in the real estate sector, particularly concerning investor protection and the transparency of financial dealings within the industry.
