Latest news with #RamprasthaGroup
Hindustan Times
7 days ago
- Business
- Hindustan Times
Home buyers 'fraud': ED secures custody of 2 Ramprastha Group directors
Gurugram, The Directorate of Enforcement 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 ₹1,100 crore fraud with homebuyers. Home buyers 'fraud': ED secures custody of 2 Ramprastha Group directors 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 . They were taken into custody under the Prevention of Money Laundering Act . 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 ₹1,100 crore from more than 2,000 homebuyers for various housing schemes like Project Edge, Project Skyz, Project Rise and Ramprastha City 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 ₹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 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. This article was generated from an automated news agency feed without modifications to text.
Mint
21-07-2025
- Business
- Mint
ED arrests Ramprastha Group directors in ₹1,100 crore money laundering case; properties worth ₹681.54 crore attached
The Enforcement Directorate officials on Monday arrested Ramprastha Group directors – Sandeep Yadav and Arvind Walia – in ₹ 1,100 crore money laundering case, reported PTI. The report added that the ED also attached immovable properties worth Rs. 681.54 crores belonging to Ramprastha Promoters & Developers Pvt. Ltd and its group companies. 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. Earlier in the day, the ED searched the residential and business premises of Sandeep Yadav and Arvind Walia—the director and promoter of Ramprastha Group—at three locations in Delhi and Gurugram under the Prevention of Money Laundering Act, 2002. The ED investigation revealed that Ramprastha Promoters & Developers Pvt. Ltd collected approximately ₹ 1100 Crores from more than 2000 homebuyers for various projects including Project Edge, Project Skyz, Project Rise and Ramprastha City. However, their promoters and directors 'diverted' the funds to its group companies as advances for purchase of land parcels, etc, instead of using them for completion of promised homes, added the report. Despite after lapse of 15-20 years, the possession of the flats/ plots are yet to be given. Based on complaints of numerous homebuyers against RPDPL and its promoters, the money laundering case stems from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi and Haryana Police. The homebuyers alleged RPDPL and its promoters – like Arvind Walia, Balwant Chaudhary and Sandeep Yadav – failed to deliver promised flats and plots within the promised timeframes, said ED. Further investigation in under progress. Earlier on 19 July, the ED issued notices to tech giants Meta and Google in connection with its ongoing investigation into alleged money laundering linked to betting apps, news agency ANI reported citing sources. They were reportedly been summoned to appear before the agency's Delhi headquarters on 21 July. 'Google and Meta platforms are promoting betting apps through advertisements and facilitating their reach to users,' ANI quoted an unnamed official source as saying.
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Business Standard
21-07-2025
- Business
- Business Standard
ED arrests two Ramprastha Group directors in ₹1,100 crore fraud case
The Enforcement Directorate on Monday arrested Sandeep Yadav and Arvind Walia, promoters of 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 their premises early morning apart from some others in the national capital region (NCR). The two are directors and majority shareholders in Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL). They have been taken into custody under the Prevention of Money Laundering Act (PMLA), they said. It is alleged that 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). The possession of the flats or plots is yet to be given even after 15-20 years, the sources said.
Mint
21-07-2025
- Business
- Mint
ED arrests Ramprastha Group directors in ₹1,100 crore money laundering case; properties worth ₹681.54 crore attached
ED, has conducted search on the residential & business premises of Sandeep Yadav & Arvind Walia, director & promoter of Ramprastha Group on 21.07.2025 under PMLA, 2002 at 03 locations in Delhi and Gurugram in connection with a money-laundering case against Ramprastha Promoters & Developers Pvt. Ltd. (RPDPL). Subsequently, Sandeep Yadav and Arvind Walia, director and majority shareholders of RPDPL were arrested by ED. Earlier, immovable properties worth Rs. 681.54 crores belonging to M/s RPDPL and its group companies have been provisionally attached on 11.07.2025. ED investigation revealed that M/s RPDPL had collected approximately Rs. 1100 Crores from more than 2000 homebuyers for various projects viz. Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project) and possession of the flats/ plots are yet to be given even after lapse of 15-20 years. Further investigation in under progress.
