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Time of India
5 hours ago
- Time of India
ED secures custody of two Ramprastha Group directors in ₹1,100 crore fraud case
GURUGRAM: The Directorate of Enforcement (ED) on Wednesday secured two-day custody of Sandeep Yadav and Arvind Walia , promoters of Haryana-based realty company Ramprastha Group , in connection with a money laundering probe linked to an alleged Rs 1,100 crore fraud with homebuyers. The two were arrested on Monday after the Gurugram zonal office of the federal probe agency raided three premises in Delhi and Gurugram, including those of the directors, early morning on that day. Yadav and Walia are directors and majority shareholders in Ramprastha Promoters and Developers Pvt Ltd ( RPDPL ). They were taken into custody under the Prevention of Money Laundering Act (PMLA). The federal probe agency produced the two in the court of an additional session judge, following which the ED secured their custody. The agency conducted a survey against the group in September 2024. It is alleged that the RPDPL collected about Rs 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. 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 attached colonies and plots spread across more than 1,900 acres and worth over Rs 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.
Hans India
10 hours ago
- Hans India
CM Mohan Yadav to perform 'bhoomi pujan' for 5 industrial units in Bhopal
Madhya Pradesh Chief Minister Mohan Yadav will perform 'bhoomi pujan' for five industrial units of the textiles, pharma, and electronics sectors with a total investment of Rs 406 crore in Bhopal on Thursday. The establishment of these five industries is expected to generate employment opportunities for 1,500 individuals, both skilled and unskilled youths. The government has allotted a total of 12.88 hectares of land for those projects. The programme will begin with the CM's visit to the garment unit of Gokaldas Exports in Acharpura, where approximately 2,500 women are employed. During the visit, the Chief Minister will interact with the women workers and observe ongoing production activities. This unit stands as a successful model, not only for industrial growth but also as a shining example of women's empowerment, the government has said. After performing 'bhumi pujan', the Chief Minister will address the event, highlighting his government's vision for industrial growth in Madhya Pradesh. Entrepreneurs from the textile, pharma, and electronics sectors will also speak about the proactive support and investor-friendly policies extended by the state government and administration. During the programme, Principal Secretary of Industrial Policy and Investment Promotion, Raghavendra Kumar Singh, will highlight the various facilities being provided by the state government to make Acharpura an investor-friendly industrial destination. The government is offering key incentives such as a 'plug and play' model, streamlined approval processes, and enhanced logistics infrastructure. These initiatives aim to ensure the smooth operation of industrial units and accelerate overall industrial activity in the region. As part of the programme, Chief Minister Yadav will also hand over letters of intent for the allotment of industrial plots to eight new units. The eight industrial units (to be allotted land) -- Mahalaxmi Dal Udyog, Geo Philtech, Pravah Enterprises, Yogi Industries, Ajmera Industries, Samavi Enterprises, and Bag Creation India -- will collectively invest Rs 17.70 crore on 12,494.5 square meters of land. Earlier in the day, CM Yadav posted about the event on social media platform X, saying that Madhya Pradesh is on the path of employment-oriented industrial development. He said the expansion of industries in the state will generate immense employment opportunities.
Time of India
20 hours ago
- Time of India
Ramprastha realty fraud: ED uncovers Rs 140cr fund diversion
1 2 Chandigarh: The Gurugram unit of the Enforcement Directorate (ED) on Wednesday claimed to have uncovered a fund diversion of over Rs 140 crore belonging to home buyers by the directors of Ramprastha Promoters & Developers Pvt Ltd (RPDPL). The revelation came during the interrogation of Arvind Walia and Sandeep Yadav, directors and promoters of Ramprastha Developers Group. Both Yadav and Walia were arrested by ED's Gurugram unit on Monday, and the special PMLA court of Gurugram ordered their ED custody until Friday. ED is expected to get more leads about the whereabouts of other accused as well as details of funds diverted by the accused company, confirmed the officials on Wednesday. Walia and Yadav are directors and the majority shareholders of Ramprastha Developers Group. The company is accused of duping 2,000 home buyers to the tune of Rs 1,100 crore on the pretext of selling flats or allotment of residential plots in Gurugram. Officials informed that soon after the arrest of the accused, the federal agency conducted search operations at three locations in Delhi and Gurugram in connection with a money-laundering case against RPDPL and its promoters/directors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo The promoters/directors of RPDPL diverted funds of more than Rs 140 crore collected from homebuyers to its group companies as advances for the purchase of land parcels, etc, instead of using the same for the completion of promised homes, which ultimately led to failure to deliver the flats and plots to date. The search actions also resulted in the seizure of unaccounted cash amounting to Rs 18 lakh and six luxury cars belonging to the company used for the personal needs of the directors. Moreover, three bank lockers and 34 bank accounts with balances worth multiple crores were frozen. ED initiated an investigation on the basis of multiple FIRs registered by the Economic Offences Wing (EOW), New Delhi, and Haryana Police. It was alleged in the FIRs that RPDPL and its promoters have cheated/defrauded various home buyers/plot buyers for failing to deliver the promised flats and plots within the promised timeframes, even after the lapse of more than 10-14 years. During the investigation under PMLA, 2002, it was revealed that RPDPL launched various projects such as Project Edge, Project Skyz, Project Rise, and Ramprastha City (plotted colony project) situated at Sectors 37D, 92, and 95, Gurugram, in 2008-2011, and possession of flats/plotted lands was promised within 3-4 years of launch. ED investigation revealed that RPDPL collected approximately Rs 1,100 crore from more than 2,000 homebuyers for the said projects. Immovable properties worth Rs 681.54 crore belonging to RPDPL and its group companies were provisionally attached on July 11.
