CHANDIGARH: The Directorate of Enforcement (ED) has filed a prosecution complaint against TDI Infrastructure Ltd. and its directors — Ravinder Taneja, Kamal Taneja, and D N Taneja — under the Prevention of Money Laundering Act (PMLA), 2002, officials confirmed on Saturday.
This action follows the chargesheet filed by the Gurugram unit of the ED before the special PMLA court at Patiala House, New Delhi, which has issued notices to all accused parties.
As per ED, the investigation was triggered by several FIRs and charge sheets from Delhi Police. The agency accuses TDI Infrastructure and its promoters of cheating numerous homebuyers by failing to deliver housing units within the promised timeframe, with delays extending from 16 to 18 years in some cases. The investigation revealed that the company initiated numerous residential and commercial projects in Kundli and Sonipat, Haryana, between 2005 and 2014.
The ED asserts that TDI Infrastructure collected approximately Rs 4,619.43 crore as advance booking from over 14,100 clients across 26 projects, including those in Gurgaon and Sonipat. Investigators have noted that occupation certificates for four projects remain unissued, while one project, “Park Street,” is incomplete.
According to the prosecution complaint, instead of allocating customer funds for construction and timely project completion, company executives allegedly redirected substantial sums to subsidiaries and related entities, often under the pretense of land purchases and other purposes. The ED further alleges that these customer funds were misused to repay loans and make investments, causing significant delays in project completion and possession for buyers.
Recently, the ED provisionally attached assets worth Rs 304.06 crore owned by the accused company and related entities under the PMLA. Earlier in 2024, properties valued at Rs 45.49 crore were also secured. With this latest action, the total identified proceeds of crime in this case now amount to Rs 349.55 crore, and the ED seeks their confiscation under the PMLA.
