GURUGRAM: Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 286.9 crore belonging to Three C Shelters Pvt Ltd and its promoters, including Nirmal Singh, under the Prevention of Money Laundering Act (PMLA), 2002. They have been accused of cheating hundreds of homebuyers.
Additionally, equity shares worth Rs 108 crore in G4S Secure Solutions (India) Pvt Ltd — linked to another promoter Vidur Bharadwaj — have also been attached by ED’s zonal office. The total assets seized under the provisional attachment order, dated March 28, amount to Rs 395 crore.
ED officials have confirmed that the investigation is ongoing, with further action expected against those involved in the large-scale financial fraud.
The ED initiated its probe following an FIR, which alleged cheating, criminal breach of trust and fraud, against Three C Shelters Pvt Ltd and its promoters for duping hundreds of homebuyers. The company had been developing the Greenopolis residential project in Sector 89 in the city and collected Rs 873.8 crore from homebuyers. However, even after nine years, the project remains incomplete, leaving investors without their promised flats.
On Nov 25, 2024, ED conducted searches at the residences of the company’s promoters and other locations, uncovering incriminating documents. Investigations revealed that Three C Shelters Pvt Ltd had diverted significant funds instead of utilising them for the construction and development of Greenopolis. Over Rs 300 crore was allegedly siphoned off to related parties, group companies and shell entities under the guise of investments.
Further scrutiny showed that the promoters of Three C Shelters Pvt Ltd deliberately sold project inventory at artificially low prices to relatives, vendors and connected entities.
This diversion amounted to Rs 90 crore and was allegedly carried out to conceal the proceeds of crime and mislead homebuyers.
Currently, Three C Shelters Pvt Ltd is undergoing insolvency proceedings, leaving hundreds of homebuyers in financial distress. Many of them are still struggling to recover their investments, while legal proceedings continue.
