The Enforcement Directorate (ED) arrested two promoters of Ramprastha Group related to builder-buyer fraud of 11 hundred crore under the Prevention of Money Laundering Act (PMLA).
ED said that it has conducted searches on residential and business premises at 3 locations in Delhi and Gurugram of these promoters. According to ED, Ramprastha Promoters and Developers Pvt. Ltd. had collected approximately 1100 Crore rupees from more than two thousand homebuyers for various projects. Further investigation is underway.
The agency earlier conducted searches at three locations in Delhi and Gurugram linked to the accused. Both the accused are majority shareholders of Ramprastha Promoters & Developers Private Limited (RPDPL), the flagship company of the group.
As alleged by the ED, RPDPL had collected nearly ₹1,100 crore from more than 2,000 homebuyers across several residential projects, such as Project Edge, Project Skyz, Project Rise and the plotted colony Ramprastha City. However, it allegedly failed to deliver possession even after 15 to 20 years.
Earlier, on July 11, the agency had attached immovable properties worth ₹681.54 crore related to RPDPL and its group companies. The attached assets included two plotted colonies of Ramprastha City measuring about 226 acres at Sector 37D, Sector 92 & 95, Gurugram and land parcels measuring about 1,700 acres in Basai, Gadoli Kalan, Hayatpur and Wazipur of Gurugram.
The ED probe is based on the cases registered by the Delhi police’s Economic Offences Wing the Haryana police based on the complaints of numerous homebuyers against RPDPL and its promoters Arvind Walia, Balwant Chaudhry Singh and Sandeep Yadav.