Enforcement directorate arrests two Ramprastha Group directors
Enforcement Directorate
on Monday 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 Rs 1,100 crore fraud with homebuyers, official sources said.
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, early morning.
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.
The agency had conducted a survey against the group in September 2024.
Searches were conducted against the group in September 2024, too. 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 had 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.
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.
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