The Enforcement Directorate (ED) has taken strong action in a Hyderabad housing society scam by attaching assets worth ₹16.3 crore under the Prevention of Money Laundering Act (PMLA). The move follows allegations that funds collected from society members for a housing project were diverted and misused.
🔍 ED Cracks Down on Housing Scam
The ED provisionally attached five immovable properties, mainly open land parcels, suspected to be acquired using proceeds of crime. These properties are linked to a private real estate firm and the president of the housing society involved in the case.
🏘️ Assets Linked to Builder and Society President
According to investigators, the attached properties were registered in the names of a builder and the society’s office-bearer, raising serious concerns about misuse of authority and breach of trust.
🚨 Police FIRs Trigger ED Investigation
The money-laundering probe was initiated after two FIRs were registered by Ramachandrapuram police in Cyberabad. Society members approached the police alleging cheating, criminal conspiracy, and financial fraud.
💰 ₹18 Crore Collected from 316 Members
Authorities revealed that around ₹18 crore was collected from 316 society members for a housing project in Muthangi village. However, the project failed to progress as promised, leading to complaints from investors.
🔄 Alleged Diversion and Misuse of Funds
Instead of being used for land development, the funds were allegedly diverted to personal bank accounts, routed through third-party entities, and withdrawn in cash, pointing to systematic financial manipulation.
📄 Land Fraudulently Registered
Investigations found that land purchased using diverted funds was fraudulently registered in individual names, including that of the builder and society president, instead of being registered in the society’s name.
⚖️ Investigation Ongoing, More Action Likely
By attaching these assets, the ED aims to prevent their sale or transfer while the investigation continues. Officials have indicated that further attachments and legal action may follow as the money trail is examined in detail.
Source:
ED Attaches ₹16 Crore Assets in Hyderabad Housing Society Scam