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 reference to an alleged money-laundering case linked to a ₹1,100 crore builder-buyer “rip-off” case, in line with the company.

The company earlier carried out searches at three places in Delhi and Gurugram linked to the accused. Both the accused are majority shareholders of Ramprastha Promoters & Developers Private Limited (RPDPL), the flagship firm of the group.

Private builder requested to compensate allottee for not delivering flat on time

As alleged by the ED, RPDPL had collected almost ₹1,100 crore from greater than 2,000 homebuyers throughout a number of residential tasks, equivalent to Project Edge, Project Skyz, Project Rise and the plotted colony Ramprastha City. However, it allegedly did not ship possession even after 15 to twenty years.

Earlier, on July 11, the company had connected immovable properties price ₹681.54 crore associated to RPDPL and its group firms. The connected property 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 predicated on the instances registered by the Delhi police’s Economic Offences Wing the Haryana police based mostly on the complaints of quite a few homebuyers in opposition to RPDPL and its promoters Arvind Walia, Balwant Chaudhry Singh and Sandeep Yadav.

“ED investigation revealed that varied tasks of RPDPL equivalent to Project Edge, Project Skyz, Project Rise, and Ramprastha City (plotted colony venture) located at Sectors 37D, 92 and 95 Gurugram have been launched in 2008-2011 and possession of flats/plotted lands are but to be given even after lapse of greater than 14-17 years,” it had stated.