LUCKNOW: The Lucknow zonal office of the directorate of enforcement (ED) provisionally attached nine immovable properties worth Rs 75.16 crore. These properties include agricultural land at Ambala and Mohali in the names of M/s Three C Promoters & Developers Pvt Ltd and M/s Three C Infratech Pvt Ltd. Additionally, institutional and commercial land at Noida is in the name of M/s Hacienda Infosoftech Pvt Ltd and M/s Challengerz Web Solution Pvt Ltd. There are also under-construction residential flats and a commercial office space at Noida in the name of M/s Acreage Properties Pvt Ltd. These actions were taken under the provisions of the prevention of money laundering Act (PMLA), 2002, in connection with the fraud committed by M/s Hacienda Projects Pvt Ltd (HPPL), its promoters, directors and others.
The ED initiated an investigation based on the directions of the Allahabad high court and multiple FIRs registered by EOW against HPPL, its promoters, directors, officials and others for diverting or siphoning off the money of investors and home buyers and ultimately not providing them with the promised flats.
The ED investigation revealed that the Lotus 300 project at Noida Sector 107 by HPPL started on a land parcel of 67,941.45 sqmt in 2010-11, and accordingly, the builder-buyer agreements were executed.
Due to the siphoning off funds, the project fell short of funds and could not be completed. The company was pushed into insolvency, leaving the investors high and dry. Moreover, HPPL did not pay up its dues with Noida. Searches were conducted from Sept 17-20, 2024, at various premises connected to the director and promoters of M/s Three C Group, which led to the recovery of proceeds of crime (PoC) in the form of cash, diamonds and jewellery amounting to Rs 42 crore, incriminating documents and digital devices.
Further investigation revealed that out of the funds siphoned off to M/s Three C Universal Developers Pvt Ltd, most of the money was advanced as unsecured loans to various other group companies, including M/s Three C Promoters & Developers Pvt Ltd, M/s Three C Infratech Pvt Ltd, M/s Hacienda Infosoftech Pvt Ltd, M/s Challengerz Web Solution Pvt Ltd and M/s Acreage Properties Pvt Ltd.
These funds were used for acquiring and holding assets purchased out of the PoC, that is, the investors’ money siphoned off from HPPL, which was layered through the group companies of M/s Three C Group and integrated in the form of immovable assets in Punjab and Noida.
Earlier in the matter, one provisional attachment order (PAO) dated Oct 28, 2024, was issued, attaching properties worth Rs 23.13 crore in the form of agricultural land and industrial plots at Hoshiarpur, Fatehgarh Sahib and Mohali in Punjab, in the name of M/s Moonlight Propbuild Pvt Ltd and M/s Elco Global LLP. This is the second PAO in this case, and the total value of attached properties stands at Rs 98.29 crore in the case.
Source Homevior.in
