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Hindustan Times
4 days ago
- Business
- Hindustan Times
Enforcement Directorate arrests two Ramprastha Group directors
The Enforcement Directorate has 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 ₹1,100 crore fraud with homebuyers, PTI quoted official sources as saying. Enforcement Directorate has arrested Sandeep Yadav and Arvind Walia, director and promoter of Ramprastha Group for their alleged involvement in an ₹ 1100 crore builder buyer fraud case. (Photo for representational purposes only)(HT photo) 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. 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, PTI said. The agency had conducted a survey against the group in September 2024. The case 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 (plotted colony project) in various sectors of Gurugram during 2008-11, PTI said in its report. 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 ₹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.
Time of India
4 days ago
- Business
- Time of India
Enforcement directorate arrests two Ramprastha Group directors
NEW DELHI: The 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.
Time of India
4 days ago
- Business
- Time of India
ED arrests top brass of Ramprastha Group in Rs 1,100 crore fraud case
NEW DELHI: The Enforcement Directorate (ED) Monday arrested Sandeep Yadav and Arvind Walia , director and promoter of Ramprastha Group , for their alleged involvement in an Rs 1,100 crore builder buyer fraud. The agency on Monday had carried out searches at three locations in Delhi and Gurugram in connection with a money-laundering probe against M/s Ramprastha Promoters & Developers Pvt Ltd (RPDPL). Both residential and business premises of the director and promoter were searched by the agency on Monday. Explore courses from Top Institutes in Select a Course Category Data Analytics Project Management Cybersecurity Technology Digital Marketing Operations Management others Management Others PGDM Data Science Design Thinking MBA healthcare Artificial Intelligence Finance MCA Product Management Leadership Healthcare Data Science Degree CXO Public Policy Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details Subsequently, Sandeep Yadav and Arvind Walia, director and majority shareholders of M/s RPDPL, were arrested by ED, said people in the know. Earlier, immovable properties worth Rs 681.54 crore belonging to M/s RPDPL and its group companies were provisionally attached by the agency on July 11. ED has claimed that its probe has revealed that M/s RPDPL had collected approximately Rs 1,100 crore from more than 2,000 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 a lapse of 15-20 years.
The Hindu
4 days ago
- Business
- The Hindu
Enforcement Directorate arrests two Ramprastha Group promoters in ₹1,100-crore alleged fraud case
The Enforcement Directorate (ED) has arrested Sandeep Yadav and Arvind Walia, promoters of Ramprastha Group, in connection with an alleged money-laundering case linked to a ₹1,100 crore builder-buyer 'scam' case, according to the agency. 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. Private builder asked to compensate allottee for not delivering flat on time 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. 'ED investigation revealed that various projects of RPDPL such as Project Edge, Project Skyz, Project Rise, and Ramprastha City (plotted colony project) situated at Sectors 37D, 92 and 95 Gurugram were launched in 2008-2011 and possession of flats/plotted lands are yet to be given even after lapse of more than 14-17 years,' it had said.
Mint
4 days ago
- 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.
