Noida, India – The Enforcement Directorate (ED) has attached assets worth ₹23 crore in connection with the alleged fraud involving Lotus 300, a residential project in Noida. This move comes as part of an ongoing investigation into the financial irregularities that have left numerous homebuyers in distress.
The attached assets include bank accounts, properties, and other financial instruments associated with the developers of the Lotus 300 project. The case revolves around allegations of misappropriation of funds, where developers reportedly collected money from buyers without delivering the promised residential units.
Homebuyers have been vocal about their grievances, claiming that despite making substantial payments, many are still awaiting possession of their homes. The ED’s action aims to safeguard the interests of the affected consumers and recover the funds misused by the developers.
In a statement, an ED official emphasized the agency’s commitment to tackling financial fraud and protecting the rights of consumers. “We are thoroughly investigating the matter to ensure accountability and justice for the victims of this alleged scam,” the official noted.
The attachment of assets serves as a significant step in the investigation, as the ED continues to scrutinize the financial dealings of the involved parties. As the case unfolds, it highlights the pressing need for regulatory oversight in the real estate sector to prevent similar incidents in the future.
