The Enforcement Directorate (ED) announced on Tuesday the attachment of assets exceeding Rs 23 crore in Punjab, linked to an ongoing money-laundering investigation into Noida's Lotus 300 luxury real estate project. This crackdown comes after allegations that the project's promoters deceived homebuyers. The attached properties include residential plots and agricultural land across Hoshiarpur, Fatehgarh Sahib, and Mohali.
These assets, under the names of Moonlight Propbuild Private Limited and Elco Global Ventures LLP, were secured through a provisional order under the Prevention of Money Laundering Act. This operation traces its beginnings to the 2010 initiative by Hacienda Projects Private Limited in Noida. Key developments reveal Rs 190 crore were misappropriated, contributing to the project's financial downfall.
Subsequent investigations unveiled extensive misuse of investors' funds, driving the project towards insolvency. (With inputs from agencies.).
