Gurugram, March 31 The Directorate of Enforcement (ED), Gurugram office, on Monday announced that it has provisionally attached immovable assets worth Rs 94.82 crore belonging to Sidharth Chauhan, the promoter of M/s Sidhartha Buildhome Pvt. Ltd. (M/s SBPL), along with those held by his associated companies and other individuals.
The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a case involving the alleged defrauding of numerous homebuyers.
According to ED, the attached assets include multiple land parcels, a residential house, and a commercial building, all located in Gurugram, Haryana.
This action comes in response to a series of complaints from affected homebuyers, leading to an investigation into financial irregularities linked to Chauhan and his real estate firm.
The ED initiated its probe based on First Information Reports (FIRs) registered by the Economic Offences Wing (EOW) of the Delhi Police. The FIRs stem from complaints filed by homebuyers of M/s SBPL’s real estate projects -- Estella and NCR One, both located in Gurugram. The homebuyers accused the company of failing to deliver their promised homes within the committed timeframes.
According to the ED’s findings, M/s SBPL collected approximately Rs 520 crore from over 950 homebuyers for its residential projects. However, instead of utilizing the funds for project completion, Chauhan allegedly siphoned off the money to his group companies in the form of unsecured loans and advances.
A significant portion of the funds was also reportedly invested in ventures unrelated to the housing projects, further delaying their completion and leaving buyers stranded, ED said.
The investigation is still going on, and the ED is continuing to examine the financial trail to identify further instances of fund diversion and potential culpability of other entities involved in the alleged fraud.
Authorities have assured that appropriate legal action will be taken against those responsible for deceiving homebuyers and misappropriating public funds.
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