Daijiworld Media Network - Gurugram

Gurugram, Mar 31: The Enforcement Directorate (ED) in Gurugram has provisionally attached immovable assets worth Rs 94.82 crore linked to Sidharth Chauhan, the promoter of M/s Sidhartha Buildhome Pvt. Ltd. (M/s SBPL), along with properties held by his associated companies and individuals.

The action was carried out under the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into allegations of large-scale fraud against homebuyers. The attached assets include multiple land parcels, a residential property, and a commercial building, all located in Gurugram, Haryana.

The case was triggered by complaints from homebuyers who accused M/s SBPL of failing to deliver promised residential projects within the committed timelines. The ED’s probe was initiated based on FIRs registered by the Economic Offences Wing (EOW) of the Delhi Police. These FIRs were filed by buyers of the real estate projects Estella and NCR One, both located in Gurugram.

According to the ED’s findings, M/s SBPL collected nearly Rs 520 crore from more than 950 homebuyers. However, instead of utilizing the funds for project completion, Chauhan allegedly diverted a significant portion to his group companies in the form of unsecured loans and advances.

Investigators also found that large sums were invested in unrelated ventures, exacerbating delays and leaving homebuyers stranded.

The investigation remains ongoing as authorities continue to trace the flow of funds and identify other entities involved in the alleged fraud. Officials have assured that strict legal action will be taken against those responsible for financial misappropriation and deceiving homebuyers.