The Enforcement Directorate (ED) has intensified its crackdown on TDI Infrastructure, seizing assets worth over ₹200 crore in connection with a money-laundering investigation linked to a massive homebuyer fraud.
Key Points
- The Enforcement Directorate (ED) has attached over ₹200 crore in assets belonging to TDI Infrastructure Limited due to alleged money laundering related to homebuyer fraud.
- TDI Infrastructure is accused of defrauding homebuyers by failing to deliver promised flats and units within stipulated timelines, with delays of up to 18 years.
- The ED alleges that TDI Infrastructure diverted funds collected from homebuyers to subsidiaries and land-owning companies instead of completing housing projects.
- The attached assets include land and commercial units in Sonipat, Haryana, owned by TDI Infrastructure and associated companies.
- The ED case is based on multiple FIRs and chargesheets filed against the company by the Delhi Police and its Economic Offences Wing (EOW).
The Enforcement Directorate (ED) on Friday said it has attached fresh immovable assets worth more than Rs 200 crore of Delhi-based real estate company TDI Infrastructure Limited as part of a money-laundering investigation linked to an alleged fraud against homebuyers.
The provisionally-attached assets include 8.3 acres of land and commercial units located in Kamaspur, Sonipat, Haryana. The federal probe agency said in a statement that these properties are owned by TDI Infrastructure Limited (formerly Intime Promoters Private Limited) and its associated companies.
It said the attached properties have been valued at Rs 206.4 crore.
The company could not immediately be reached for comments on the ED action.
Details of the Investigation
The ED filed the case under the Prevention of Money Laundering Act, taking cognisance of 26 FIRs and chargesheets filed against the company, its promoters and key managerial personnel by the Delhi Police and its Economic Offences Wing (EOW).
They are alleged to have cheated and defrauded numerous homebuyers by "failing" to deliver promised flats and units within stipulated timelines, even after a delay of 16 to 18 years in one of the projects, according to the agency.
TDI Infrastructure Limited launched several commercial, residential and housing projects in Sonipat, collecting Rs 4,619.43 crore in advance booking amounts from 14,105 customers across 23 projects.
These projects were launched between 2005 and 2014.
However, the ED has alleged that "occupation certificates" for four projects have still not been granted and one project, "Park Street", remains incomplete.
Diversion of Funds Allegations
The probe has found that the promoters and directors "diverted" substantial funds collected from homebuyers to subsidiaries, erstwhile subsidiaries and land-owning companies as advances for purchasing land parcels and other purposes, instead of using those to complete the housing projects.
The company had also used customer funds to repay its loans and make investments. The diversion of funds ultimately delayed the construction of the company's projects, thereby preventing customers from receiving timely possession of their units or plots, the ED has said.
The agency had earlier attached assets worth Rs 45 crore in the case and with the latest order, the total attachment stands at Rs 251.88 crore.
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