New Delhi, Mar 6 (UNI) The Enforcement Directorate (ED), Gurugram Zonal Office, on Friday said it has provisionally attached immovable properties worth Rs 206.40 crore in a money-laundering case involving TDI Infrastructure Ltd. (formerly known as Intime Promoters Pvt. Ltd.).
The provisionally attached assets include parcels of land measuring approximately 8.3 acres, as well as commercial units located in Kamaspur. These properties are owned by TDI Infrastructure Ltd. and its associated companies.
The ED initiated the investigation based on twenty-six FIRs registered and charge sheets filed by Delhi Police and the Economic Offences Wing Delhi. According to the allegations in the FIRs, TDI Infrastructure Ltd., its promoters, and key managerial personnel cheated and defrauded numerous homebuyers by failing to deliver the promised flats and units within the stipulated timelines, even after delays of 16–18 years in one of the projects.
The ED investigation revealed that TDI Infrastructure Ltd. had launched several commercial and residential plot and housing projects in Sonipat and collected approximately Rs 4,619.43 crore as advance booking amounts from 14,105 customers across twenty-three projects between 2005 and 2014.
However, Occupation Certificates for four projects have still not been granted, and one project, “Park Street,” remains incomplete. The investigation further revealed that the promoters and directors diverted substantial funds collected from homebuyers to subsidiaries, erstwhile subsidiaries, and land-owning companies as advances for the purchase of land parcels and other purposes, instead of utilizing the funds for completing the residential and housing projects.
The company also used customer funds to repay loans and make investments. This diversion of funds ultimately resulted in delays in the construction of the projects, preventing customers from receiving timely possession of their units and plots.
Earlier in this case, assets and properties worth Rs 45.48 crore belonging to TDI Infrastructure Ltd. and its related entities had also been provisionally attached. With the latest attachment, the total value of attached assets in the case has reached Rs 251.88 crore.
Further investigation in the matter is ongoing.
