Supreme Court Halts ED Probe in Noida's Lotus 300 Financial Saga

The Supreme Court has issued an interim stay on the Allahabad High Court's directive for an Enforcement Directorate probe into financial transactions related to Noida's luxury housing project, Lotus 300. The high court had previously ordered this probe due to alleged financial irregularities and criticized the Noida Authority for negligence.

The Supreme Court has intervened to pause the Enforcement Directorate's investigation into Noida's controversial luxury housing project, Lotus 300. This action comes after a stern directive from the Allahabad High Court, which had flagged significant financial irregularities and criticized the local Noida Authority for its protracted inaction.

A vacation bench comprising justices Sanjay Kumar and Augustine George Masih issued the stay order on Tuesday. The high court had, on February 29, mandated the ED probe into alleged financial discrepancies surrounding the incomplete Lotus 300 project, developed by Hacienda Project Private Limited, led by Pebbles Infrotech.

The Supreme Court's order aims to halt the ED investigation into multiple entities linked to the project while ensuring that other directives, such as issuing occupancy certificates and transferring deeds to flat buyers, are upheld. This move emphasizes the need for transparent financial practices and accountability in real estate transactions.

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