Did the ED Arrest Two Directors of Ramprastha Group in a Rs 1100 Cr Real Estate Scam?
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Synopsis
In a shocking development, the Enforcement Directorate has arrested key figures from Ramprastha Group over a staggering Rs 1100 crore real estate scam. This case has left over 2,000 homebuyers in distress as investigations unfold revealing massive financial misconduct.
Key Takeaways
- ED arrests directors of Ramprastha Group.
- Over 2,000 homebuyers affected by the scam.
- Rs 1,100 crore collected from buyers remains unaccounted.
- Search operations conducted in Delhi and Gurugram.
- Investigation under PMLA continues.
Gurugram, July 23 (NationPress) The Enforcement Directorate (ED) has apprehended Arvind Walia and Sandeep Yadav, who are Directors and primary shareholders of M/s Ramprastha Promoters & Developers Pvt Ltd (RPDPL), linked to a significant real estate fraud affecting over 2,000 homebuyers.
This operation was executed on July 21, under the Prevention of Money Laundering Act (PMLA), 2002, as stated by the investigative agency on Wednesday.
The individuals were presented before the Additional Sessions Judge in Gurugram, who approved ED custody until July 25.
In addition, the ED conducted searches at three different sites in Delhi and Gurugram. These actions are in response to multiple FIRs lodged by the Economic Offences Wing (EOW) of the Delhi Police and Haryana Police, which claim that the promoters of RPDPL failed to provide flats and plots for more than 14 years despite receiving approximately Rs 1,100 crore from homebuyers.
As per the ED, RPDPL initiated various real estate projects from 2008 to 2011, including Project Edge, Project Skyz, Project Rise, and Ramprastha City across sectors 37D, 92, and 95 in Gurugram. Possession was assured within 3-4 years, yet remains unfulfilled even after a decade.
Investigations indicated that more than Rs 140 crore collected from clients was redirected to associated companies under the pretense of land acquisitions and other investments, instead of being allocated for construction.
This misappropriation of funds, the ED asserted, constituted a willful act of fraud and deception, resulting in substantial financial damages to the buyers.
During the raids, officials confiscated Rs 18 lakh in unaccounted cash, six luxury vehicles, and froze 34 bank accounts as well as three lockers.
Previously, on July 11, assets worth Rs 681.54 crore linked to RPDPL were provisionally attached.
The ED has indicated that further investigations are ongoing.
Point of View
We recognize the gravity of the situation surrounding the arrests of Arvind Walia and Sandeep Yadav. This incident underscores the urgent need for accountability in the real estate sector, safeguarding the rights and investments of homebuyers. We stand committed to bringing transparency and justice in this matter.
NationPress
23/07/2025
Frequently Asked Questions
What is the Ramprastha Group real estate scam about?
The scam involves the Ramprastha Group failing to deliver promised flats and plots to over 2,000 homebuyers, accumulating around Rs 1,100 crore over 14 years.
What actions have the ED taken in this case?
The ED has arrested the directors of Ramprastha Group, conducted searches at various locations, and seized unaccounted cash and luxury vehicles.
What law is being used to investigate the case?
The investigation is being conducted under the Prevention of Money Laundering Act (PMLA) of 2002.
What was promised to the homebuyers?
Homebuyers were promised possession of their properties within 3-4 years, which has not been fulfilled even after more than a decade.
Is the investigation ongoing?
Yes, the ED has stated that further investigations into the scam are currently underway.
