ED attaches Rs 95 cr worth assets of Gurugram realty firm SBPL in PMLA case

The Enforcement Directorate on Monday said it has attached assets worth about Rs 95 crore as part of a money laundering investigation against a Gurugram-based real estate company and its promoter on charges of duping more than 950 homebuyers.

The action has been taken against Sidharth Chauhan, promoter of Sidhartha Buildhome Pvt. Ltd. (SBPL), his companies and some other persons, the federal probe agency said in a statement.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) for attaching land parcels, residential house and commercial building in Gurugram (Haryana), it said.

These properties are worth Rs 94.82 crore, acccording to the agency.

 

The company or its promoter could not be contacted for their response on the allegations made by the ED against them.

The money laundering case stems from a clutch of FIRs filed by the Economic Offences Wing (EOW) of Delhi Police.

The EOW complaints were registered on the basis of complaints of various homebuyers of SBPL projects named Estella and NCR One in Gurugram and it was alleged that the company failed to deliver the homes within the promised timeframe.

The accused company and its promoter, according to the ED, collected about Rs 520 crore from more than 950 homebuyers for these real estate projects.

Sidharth Chauhan, through SBPL, "diverted" funds collected from the homebuyers to its group companies as unsecured loans and advances for investment in other avenues instead of using the same for completion of the promised homes, the agency alleged.