By admin 
The Enforcement Directorate (ED) on Tuesday announced the seizure of assets worth over Rs 23 crore in Punjab, linked to an ongoing money laundering probe into Noida’s Lotus 300 luxury real estate project. The crackdown comes after allegations that the promoters of the project have misled home buyers.
The attached properties include residential plots and agricultural land in Hoshiarpur, Fatehgarh Sahib and Mohali. These assets, under the names Moonlight Propbuild Private Limited and Elco Global Ventures LLP, were secured through an interim injunction under the Prevention of Money Laundering Act.
This operation has its origins in the 2010 initiative of Hacienda Projects Private Limited in Noida. Key developments reveal that Rs 190 crore was misappropriated, which contributed to the project’s financial ruin. Subsequent investigations revealed widespread misuse of investor funds, pushing the project towards insolvency.
(With input from agencies.)