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The Noida Authority has formally requested the Enforcement Directorate (ED) to recover Rs.1.919 billion in dues from Hacienda Project Pvt Ltd (HPPL), the developer behind the controversial Lotus 300 residential project in Sector 107. This action, led by CEO Lokesh M, comes in light of a recent Allahabad High Court ruling and extensive ED searches that uncovered Rs.420 million (?42 crore) in cash, gold, and diamonds linked to former Noida CEO Mohinder Singh and the developers. In his communication with the ED's Lucknow regional office, Lokesh M stated, “We have urged the ED to deposit the amount to settle the outstanding liabilities with the Authority.â€� The saga began in 2010 when a 17-acre plot was leased to HPPL, promoted by Nirmal Singh, Surpreet Singh Suri, and Vidur Bhardwaj, for the Lotus 300 project featuring 300 apartments. Allegedly, the promoters acquired the prime land without any initial investment, subsequently launching the project and collecting Rs.6.36 billion (Rs.636 crore) from homebuyers. Reports indicate that about Rs.1.9 billion (Rs.190 crore) was siphoned off, with the developers selling a portion of the land to a third company for nearly Rs.2.36 billion (Rs.236 crore) while neglecting their financial obligations to the Noida Authority. After misappropriating funds, the trio resigned from HPPL in 2015, leading to its insolvency and a corporate resolution process initiated by IndusInd Bank in 2022. In February, the Allahabad High Court directed an ED investigation into allegations of money laundering and fund diversion after the former promoters challenged a Rs.637 million (Rs.63.7 crore) recovery certificate from 2019. The court mandated the directors to cooperate with the ED or face legal action. Recent ED raids on September 18-19 targeted 18 locations across Delhi, Noida, Meerut, Chandigarh, and Goa as part of the investigation into a Rs.4.26 billion (Rs.426 crore) fraud involving homebuyers of the Lotus 300 project. The agency’s efforts intensified following a Supreme Court ruling that allowed the investigation to proceed against two former directors, despite previous restrictions. As investigations reveal a complex web of financial irregularities, including the diversion of homebuyer funds to various entities and the creation of shell companies, the ED has also flagged a ?650 million (Rs.65 crore) loan from IndusInd Bank that was misappropriated, further complicating the financial landscape for the involved parties. The unfolding case underscores the urgent need for accountability in the real estate sector, particularly in light of the substantial sums at stake.