The Directorate of Enforcement (ED) has filed a prosecution complaint against TDI Infrastructure Ltd. and its directors — Ravinder Taneja, Kamal Taneja and D N Taneja — under the Prevention of Money Laundering Act (PMLA), 2002, officials confirmed on Saturday.
Legal Proceedings Initiated
The move follows the filing of a chargesheet by the Gurugram unit of the ED before the special judge for PMLA cases at Patiala House, New Delhi. The court has issued notices to all accused. According to the ED, the investigation was based on multiple FIRs and charge sheets filed by the Delhi Police.
Allegations of Fraud
The agency alleged that TDI Infrastructure, along with its promoters and key managerial personnel, cheated and defrauded numerous homebuyers by failing to deliver flats and housing units within promised timelines. In several cases, delays reportedly stretched up to 16 to 18 years.
Project Details and Fund Diversion
The ED investigation found that the company launched several residential and commercial housing projects in Kundli and Sonipat, Haryana, between 2005 and 2014. The agency claimed that the company collected nearly Rs 4,619.43 crore as advance booking amounts from over 14,100 customers across 26 projects in the region, including Gurgaon and Sonipat. Investigators stated that occupation certificates for four projects are still pending, while one project, "Park Street," remains incomplete.
According to the prosecution complaint, instead of utilising customer funds for construction and timely completion, the company's promoters and directors allegedly diverted substantial amounts to subsidiaries and related entities under the guise of advances for land purchases and other purposes. The ED also alleged that customer funds were used to repay loans and make investments, contributing to major delays in project completion and possession to buyers.
Asset Attachments
In a recent action, the ED provisionally attached assets worth Rs 304.06 crore belonging to the accused company and related entities under the PMLA. Earlier in 2024, properties worth Rs 45.49 crore were also attached. With the latest attachment, the total proceeds of crime identified in the case now stand at Rs 349.55 crore. The ED has sought confiscation of these assets under the provisions of the PMLA.
