ED widens crackdown on Ramprastha, attaches ₹255 crore assets in homebuyers’ fraud case

The fresh attachment order, issued on September 17 by the agency’s Gurugram zonal office, covers plots, flats, commercial spaces and land parcels held by the company, its group firms and relatives of its directors, officials said.

The Enforcement Directorate (ED) attached assets worth ₹255.28 crore in a money laundering investigation tied to delays and alleged fund diversion in housing projects of real estate firm Ramprastha Promoters and Developers Private Limited (RPDPL), officials said on Thursday.

The crackdown stems from multiple FIRs filed by Delhi and Haryana police’s Economic Offences Wings.

The fresh attachment order, issued on September 17 by the agency’s Gurugram zonal office under the Prevention of Money Laundering Act (PMLA), covers plots, flats, commercial spaces and land parcels held by the company, its group firms and relatives of its directors, officials said.

“The crackdown stems from multiple FIRs filed by Delhi and Haryana police’s Economic Offences Wings, alleging that Ramprastha and its promoters duped thousands of buyers by failing to deliver homes even after delays of over a decade. The developer launched projects Edge, Skyz, Rise and Ramprastha City in Gurugram’s Sectors 37D, 92, 93 and 95 between 2008 and 2011, promising delivery within three to four years,” said an officer privy to the probe.

According to investigators, despite collecting about ₹1,100 crore from more than 2,600 buyers, the projects remain incomplete and “hundreds of crores” were siphoned off to group companies as advances for land deals rather than being deployed for construction.

“The promoters misused public money, leaving buyers stranded for over 10 years,” the officer cited above said.

The case has already seen arrests. In July, directors and majority shareholders Arvind Walia and Sandeep Yadav were taken into custody under PMLA and remain in judicial custody. With the latest action, total attachments in the case have climbed to nearly ₹827.5 crore. Earlier, the ED had frozen assets worth ₹572.21 crore, including bank accounts, movable assets and properties linked to the firm and its directors.

Officials indicated that the agency is pursuing additional leads to trace diverted funds and identify more properties for attachment. Further investigation is in progress.