ED arrests Sandeep Yadav and Arvind Walia, directors of Ramprastha Group, in homebuyers fraud linked PMLA case
Enforcement Directorate
(
ED
) on Monday arrested
Sandeep Yadav
and
Arvind Walia
, directors of real estate company
Ramprastha Group
, in homebuyers fraud linked
PMLA
case.
On July 12, ED attached real estate group's land assets worth over Rs 680 crore to alleged fraud with homebuyers.
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ED issued a provisional order against Ramprastha Promoters and Developers Pvt Ltd (RDDPL) and its group companies, the federal agency said in a statement.
The attached properties include plotted colonies of Ramprastha City measuring 226 acres in Sectors 37D, Sector 92 and 95 in Gurugram and land parcels measuring 1,700 acres in Basai, Gadoli Kalan, Hayatpur and Wazipur in Gurugram.
The total value of these assets is 681.54 crore, the agency said.
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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 Arvind Walia, Balwant Chaudhary and Sandeep Yadav, for their "failure" to deliver promised flats and plots within the promised timeframes, the ED said.
Probe found, the ED said, that various projects of RPDPL, such as Project Edge, Project Skyz, Project Rise and Ramprastha City (in various sectors of Gurugram) were launched during 2008-2011 and possession of flats/plotted lands are yet to be given even after lapse of more than 14-17 years.
The company collected about Rs 1,100 crore from more than 2,000 homebuyers for the said projects, but the promoters and directors of the company "diverted" these funds to its group companies as advances for purchase of land parcels, etc, instead of using them for completion of promised homes, it said.
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