The Enforcement Directorate (ED) has launched a significant crackdown on a money laundering scheme involving retired NOIDA Authority CEO Mohinder Singh and several builders. The operation, conducted across multiple locations including Delhi, Noida, Meerut, Chandigarh, and Goa on September 17-18, aims to address the alleged defrauding of home buyers.

Allegations Against Hacienda Projects Private Limited

Central to the investigation is Hacienda Projects Private Limited and its promoters, who are accused of misappropriating ₹426 crore in funds from home buyers for the Lotus 300 Projects in Noida. The ED’s findings reveal a complex web of financial misconduct, with investors’ hard-earned money allegedly siphoned off without delivering the promised residential units.

Extensive Searches and Asset Seizures

The ED executed searches at various premises linked to the company, its directors, and affiliated entities, including Cloud 9 Projects Pvt. Ltd. Key individuals such as Surpreet Singh Suri and Vidur Bhardwaj were also scrutinized. This investigation follows directives from the Allahabad High Court, mandating an inquiry into the diversion of funds targeting home buyers.

Valuables and Cash Seized

In total, the ED seized assets worth ₹42.56 crore, including ₹85 lakh in unexplained cash, gold and diamond jewellery valued at ₹29.35 crore, a solitaire diamond worth ₹5.26 crore, and additional diamond jewellery estimated at ₹7.1 crore. Various property documents were also confiscated during the operation.

Ongoing Concerns in the Real Estate Sector

The initial case was prompted by the Economic Offences Wing (EOW) of the Delhi Police, which filed FIRs against the accused parties. This unfolding investigation highlights the persistent issue of real estate scams that continue to plague home buyers and erode trust in the sector.

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