chennai the enforcement directorate ed has attached a residential project promoted by vgn property developers private limited in guindy industrial estate under the prevention of money laundering act pmla for causing rs 115 crore loss to the central government a press release from ed joint director k s v v prasad said the attachment is only to the extent of rs 115 crore it means the home buyers interests might not get jeopardized if the developer completes construction of the projectthe land measuring 1046 acres was purchased by vgn developers pvt ltd in 2013 from the state bank of india the bank had taken over the property under securitisation and reconstruction of financial assets and enforcement of security interest act 2002 sarfaesi act from hindustan teleprinters ltd a central government psu for recovering dues the stressed assets management branch of the sbi sold it to vgn for rs 272 crore through an auction subsequently cbi chennai unit registered a case against the bank htl top brass and vgn promoter for causing loss to the tune of rs 115 crore to the central government as the property was actually worth rs 387 crore going by the then prevalent guideline valueduring the probe ed officials found that vgn had invested the proceeds of crime in the form of wrongful gain in the residential project it was promoting at the site the apartments are being sold to public under the name vgn fairmont vgn is promoting 892 apartments at the site in 2 3 and 4 bhk sizes in five phases data sourced by toi says 444 units out of them are sold and 448 units are unsoldthe new development has put the home buyers who have invested in the property in a fix however the tamil nadu real estate regulatory authority tnrera has said it will initiate action to secure buyers interests if it is found to be compromised the total carpet area of the project is 105 lakhs sqmts as per the data available on tnrera portal