NEW DELHI: The Enforcement Directorate (ED) announced on Friday that it has provisionally attached immovable assets valued at over Rs 200 crore belonging to Delhi-based real estate firm TDI Infrastructure Limited, as part of an ongoing money-laundering investigation related to alleged fraud against homebuyers.
The assets in question consist of 8.3 acres of land and commercial units in Kamaspur, Sonipat, Haryana, owned by TDI Infrastructure Limited (previously known as Intime Promoters Private Limited) and its affiliated companies.
The ED stated that these properties have been appraised at Rs 206.4 crore.
The company was unavailable for immediate comment regarding the ED’s actions.
The investigation is being conducted under the Prevention of Money Laundering Act, following the review of 26 FIRs and charges filed against the company, its promoters, and key managerial personnel by the Delhi Police and its Economic Offences Wing (EOW).
According to the agency, the accused have allegedly deceived numerous homebuyers by failing to deliver promised flats and units within the agreed timeframes, some with delays extending from 16 to 18 years in certain cases.
TDI Infrastructure Limited has launched multiple commercial, residential, and housing projects in Sonipat, collecting Rs 4,619.43 crore in advance booking fees from 14,105 customers across 23 projects between 2005 and 2014.
However, the ED claims that “occupation certificates” for four projects have yet to be approved, and one project, “Park Street,” remains unfinished.
The investigation revealed that the company’s promoters and directors “diverted” significant funds collected from homebuyers to subsidiaries and other entities, using the money for land acquisitions instead of completing housing projects.
The funds were reportedly also used to pay off the company’s debts and make investments, ultimately delaying construction and preventing timely possession for customers, according to the ED.
Previously, the agency had attached assets worth Rs 45 crore in this case, bringing the total value of assets attached to Rs 251.88 crore with the latest order.
