The Enforcement Directorate (ED) took major action on Gurugram’s renowned builder Siddharth Chauhan and his companies, seized immovable properties worth Rs 94.82 crore. These properties are in the form of land plots, a residential house and a commercial building, located in Gurugram, Haryana. The ED has taken this action under the Money Laundering Prevention Act (PMLA), 2002.
ED investigation revealed that Siddharth Chauhan his company M/s Sidhartha Buildhome Pvt. Ltd. (SBPL) and other persons cheated the homebayers. After promising to give houses to the people, a hefty amount was taken from them, but neither flats were given nor money was returned on time. Hundreds of families were cheated by this.
What is the matter?
Many real estate scams have emerged in Gurugram and surrounding areas in the last few years. Big builders raised crores of rupees from them by promising to give flat and plot to customers, but later either left the project incomplete or disappeared after cheating. Siddharth Chauhan and his company SBPL are accused of taking money from many such homebuyers and then not giving them homes. The Enforcement Directorate started investigating the matter after complaints from the victims. The ED suspects that the amount recovered from homebeelers was wrongly invested in other assets.
How did the action take?
During the investigation, the ED conducted a thorough investigation of bank accounts, documents and transactions connected to Siddharth Chauhan and his companies. During the investigation, it was found that thousands of people were dishonestly grabbed and invested in illegal properties. On the basis of this, ED attached assets worth 94.82 crore in Gurugram.
A ray of hope for homebuyers
This action of ED can provide relief to those who invested in Siddharth Chauhan’s company and were waiting for a flat or plot till now. It is the effort of the government and investigative agencies to take strict action against the fraudulent builders and the victims can get their rights.
What will happen next?
The ED is now investigating further in this matter. Soon more assets can be confiscated. Also, if the charges are proved, then strict legal action can be taken against Siddharth Chauhan and his company. In view of the increasing cases of the builders cheating, investors are advised to conduct all the necessary legal investigation before investing in real estate, so that they do not fall prey to cheating.
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