ED Attaches ₹23 Crore in Noida's Lotus 300 Homebuyer Fraud Case

The ED has attached assets worth ₹23.13 crore in Punjab linked to the Lotus 300 real estate project, where promoters are accused of defrauding homebuyers. Allegations involve siphoning funds leading to insolvency and unpaid dues. Previous searches revealed significant cash and assets related to the investigation.

The Enforcement Directorate (ED) has attached assets valued at ₹23.13 crore in Punjab as part of a money laundering investigation involving the promoters of Noida's Lotus 300 real estate project, which has been accused of defrauding homebuyers. The attached assets include four residential plots and agricultural land in the Hoshiarpur, Fatehgarh Sahib, and Mohali districts, registered under Moonlight Propbuild Private Limited and Elco Global Ventures LLP.

This action follows a provisional order issued under the Prevention of Money Laundering Act. The Lotus 300 project, initiated by Hacienda Projects Private Limited (HPPL) in 2010-11, faced issues when 27,941.45 square meters of land, valued at ₹236 crore, was sold to Prateek Infraprojects Private Limited in violation of builder-buyer agreements. The ED alleges that ₹190 crore from the project was siphoned to Three C Universal Developers Private Limited, leading to a funding shortfall and ultimately pushing the project into insolvency, leaving investors and the NOIDA Authority unpaid.

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The ED's investigation was prompted by directives from the Allahabad High Court and an FIR by the Delhi Police's economic offenses wing. Previous searches by the ED in September resulted in the seizure of cash, gold, and jewelry worth ₹42 crore, alongside incriminating documents. The agency has traced the misappropriated funds as being funneled through various group companies of the Three C group to acquire immovable assets in Punjab, complicating the financial dealings surrounding the Lotus 300 project.