iyush Colonisers Limited: Piyush Group real estate crisis: 1,500 buyers, unfinished homes, and a maze of land deals | Chandigarh News – The Times of India
CHANDIGARH: Over 1,500 homebuyers in several Haryana cities have been left in limbo for years as multiple housing projects of Piyush Group remained incomplete, even as funds collected from buyers were allegedly diverted into fresh land investments instead of finishing promised homes.The case centres around alleged financial irregularities by Piyush Colonisers Limited and its promoters, where money paid by buyers for residential units in Palwal, Faridabad, Rewari and Bhiwadi was not used for project completion. Investigators say the funds were instead routed through subsidiary firms and channelled into acquiring new land parcels.According to officials, the situation worsened during insolvency proceedings. It is alleged that key promoters transferred ownership of project lands by shifting shareholding to family members without any consideration. This, agencies believe, was done to keep the assets out of reach of homebuyers and creditors.The projects remained stalled, leaving buyers waiting indefinitely for possession. In 2019, Piyush Colonisers Limited entered the Corporate Insolvency Resolution Process (CIRP), but a resolution plan is yet to be approved, prolonging uncertainty for affected buyers.The Enforcement Directorate (ED), which began its probe based on FIRs filed by Haryana Police, Delhi’s Economic Offences Wing and the CBI, has now filed a chargesheet before a PMLA court in Gurugram against former promoter Amit Goel and others. The agency has also provisionally attached immovable assets worth around Rs 944 crore linked to the company, its former promoters and associated entities.The attached properties include project lands, apartments, agricultural plots and commercial spaces spread across Faridabad, Palwal, Rewari and Bhiwadi. Key land parcels include around 63 acres in Palwal, 62 acres in Bhiwadi and 7 acres in Dharuhera, along with a 19,000 sq ft commercial space in Faridabad.What the case is about
- 1,500+ buyers affected: Homebuyers booked flats across multiple NCR projects but did not receive possession
- Funds allegedly diverted: Money collected from buyers was routed to subsidiaries and used to buy new land instead of completing projects
- Projects stalled for years: Several developments in Palwal, Faridabad, Rewari and Bhiwadi remain incomplete
- Asset transfer during insolvency: Promoters allegedly shifted land ownership to family members without payment
- Company under insolvency since 2019: No resolution plan approved yet, leaving buyers in uncertainty
- Multi-agency probe: Case based on FIRs by Haryana Police, EOW Delhi and CBI, with ED now pursuing money laundering angles