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Enforcement Directorate arrests two Ramprastha Group directors
The Enforcement Directorate has arrested Sandeep Yadav and Arvind Walia, promoters of Haryana-based realty company Ramprastha Group
The Enforcement Directorate has arrested Sandeep Yadav and Arvind Walia, promoters of Haryana-based realty company Ramprastha Group, as part of a money laundering investigation linked to an alleged ₹1,100 crore fraud with homebuyers, PTI quoted official sources as saying.
The arrests came after the Gurugram zonal office of the federal probe agency raided three premises in Delhi and Gurugram, including those of the directors.
The two are directors and majority shareholders in Ramprastha Promoters and Developers Pvt Ltd (RPDPL), according to the sources. They have been taken into custody under the Prevention of Money Laundering Act (PMLA), they said.
The company or its promoters could not be contacted for a comment on the ED action against them, PTI said.
The agency had conducted a survey against the group in September 2024.
The case
It is alleged that the RPDPL collected about ₹1,100 crore from more than 2,000 homebuyers for various housing schemes like Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project) in various sectors of Gurugram during 2008-11, PTI said in its report.
The possession of the flats or plots is yet to be given, even after 15-20 years, the sources said.
Earlier this month, the agency had attached colonies and plots spread across more than 1,900 acres and worth over ₹681.54 crore of the group in Gurugram as part of this investigation.
The money laundering case stems from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi and Haryana Police based on complaints of numerous homebuyers against RPDPL and its promoters, like Yadav, Walia and Balwant Chaudhary for their "failure" to deliver promised flats and plots within the promised timeframes, the ED had said in a statement.
The company and its promoters "diverted" the funds sources from buyers of these projects to its group companies as advances for the purchase of land parcels, instead of using them for completion of promised homes, it had said.
The company said on its website that it holds a large land bank in Gurugram with a combined development potential of over 80 million sq ft between Gurugram and Ghaziabad. "We have successfully sold 8,000 dwelling units in the region and have the potential to reach nearly 1,00,000 dwelling units in the days to come," it said.
