New Delhi: The Enforcement Directorate (ED) has provisionally attached properties worth Rs 634.12 crore linked to the Unitech Golf & Country Club (UGCC) project in Noida under the provisions of the Prevention of Money Laundering Act (PMLA), marking another significant development in the long-running investigation into alleged diversion of homebuyers’ funds.

According to an official statement issued in late May, the attachment order was passed on May 27 by the ED’s Headquarters Investigation Unit (HIU) and relates to the UGCC project spread across Sectors 96, 97 and 98 in Noida. The agency stated that the attached properties have been identified as “proceeds of crime” allegedly generated through the diversion of funds collected from homebuyers and financial institutions.

The attached assets include leasehold rights over approximately 347.83 acres of land as well as equity shareholdings held through consortium and Special Purpose Company (SPC) structures involving M/s Sungrace Products (India) Pvt Ltd of the Uflex Group and M/s CIG Infrastructure Pvt Ltd.

While the attachment value stands at Rs 634.12 crore, the ED said the present fair market value of the assets associated with the project is estimated at around Rs 8,115 crore. The money laundering investigation originates from 76 FIRs registered by Delhi Police and the Central Bureau of Investigation against Unitech Limited, its promoters, directors and other individuals. The cases involve allegations of cheating, criminal conspiracy and diversion of funds collected from homebuyers.

According to the agency, investigations have revealed that Unitech received Rs 16,075.89 crore from homebuyers, investors and financial institutions. Of this amount, nearly Rs 7,794.35 crore was allegedly diverted for purposes not related to the projects for which the funds had originally been collected.

The ED further alleged that M/s Sungrace Products (India) Pvt Ltd and M/s CIG Infrastructure Pvt Ltd derived substantial economic benefits from the UGCC project and continued to retain those interests despite not making corresponding financial contributions towards the acquisition or development of the project.

The latest attachment forms part of a broader investigation that has already resulted in the seizure or attachment of a substantial number of assets. According to the agency, a total of 1,296 movable and immovable properties worth Rs 2,281.07 crore have so far been attached in connection with the larger Unitech case.

The ED has already filed one main prosecution complaint along with two supplementary prosecution complaints before the Special PMLA Court in Delhi. Further investigations remain ongoing. The agency reiterated that it remains committed to securing, protecting and ultimately restoring proceeds of crime to innocent victims and lawful claimants through a transparent and expeditious process.