The Enforcement Directorate (ED) announced on Friday that it has seized additional immovable assets valued at over Rs 200 crore belonging to TDI Infrastructure Limited, a real estate firm based in Delhi, as part of an investigation into money laundering related to an alleged fraud against homebuyers. The assets provisionally attached consist of 8.3 acres of land and commercial units situated in Kamaspur, Sonipat, Haryana.
According to a statement from the federal investigative agency, these properties are owned by TDI Infrastructure Limited (previously known as Intime Promoters Private Limited) and its affiliated companies. The agency reported that the attached properties have been appraised at Rs 206.4 crore. The company was not immediately available for comment regarding the actions taken by the ED.
The ED initiated the case under the Prevention of Money Laundering Act, in response to 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 accused of deceiving and defrauding numerous homebuyers by failing to deliver the promised flats and units within the agreed timelines, with delays extending up to 16 to 18 years in one of the projects, as reported by the agency.
TDI Infrastructure Limited has launched various commercial, residential, and housing projects in Sonipat, having collected Rs 4,619.43 crore in advance booking fees from 14,105 customers across 23 projects. These projects were initiated between 2005 and 2014.
The Enforcement Directorate (ED) has claimed that the “occupation certificates” for four projects have yet to be issued, and one project, known as “Park Street”, is still unfinished. The investigation has revealed that the promoters and directors “misappropriated” significant amounts of money obtained from homebuyers, redirecting these funds to subsidiaries, former subsidiaries, and land-owning companies as advances for land acquisition and other uses, rather than allocating them to complete the housing projects.
Additionally, the company utilized customer funds to settle its debts and make investments. This misallocation of funds ultimately resulted in delays in the construction of the company’s projects, thus hindering customers from obtaining timely possession of their units or plots, according to the ED. Previously, the agency had seized assets valued at Rs 45 crore in connection with this case, and with the recent order, the total value of the attachments has reached Rs 251.88 crore.
