the Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 94.82 crore belonging to Sidharth Chauhan, promoter of M/s Sidhartha Buildhome Pvt. Ltd. (SBPL), his companies, and other individuals.
The assets include land parcels, a residential house, and a commercial building in Gurugram, Haryana. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a case of cheating multiple homebuyers.
For years, several homebuyers had been running from pillar to post after investing their hard-earned money in SBPL projects, only to be met with unfulfilled promises and stalled developments.
The ED’s move has come as a major relief to these distressed homebuyers, reigniting hopes of justice.
Sources suggest that the attachment of assets has sent shockwaves through the real estate sector, particularly among builders who have failed to honor their commitments to buyers.
Legal experts believe this could pave the way for further action against other fraudulent developers operating in the region.
The ED’s investigation into SBPL and Sidharth Chauhan stems from multiple complaints filed by homebuyers, who accused the builder of siphoning off funds without delivering promised properties.
With this action, authorities aim to not only recover the dues of affected buyers but also send a stern warning to errant developers exploiting the sector.
More developments are expected as the probe continues, and homebuyers remain hopeful that this is just the beginning of a long-overdue crackdown on fraudulent builders.