What led to the ED attaching assets of Gurugram developer worth Rs 255 crore?
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Synopsis
In a significant move, the ED has attached assets worth Rs 255 crore from a Gurugram developer, Ramprastha Promoters, in connection with allegations of fraud involving homebuyers. The investigation reveals a web of deceit and financial mismanagement that has left thousands without their promised homes. What does this mean for the future of real estate in the region?
Key Takeaways
- ED attached assets worth Rs 255 crore from RPDPL.
- Over 2,600 homebuyers affected by fraud.
- RPDPL failed to deliver homes promised up to 14 years ago.
- Investigation revealed misuse of funds collected from buyers.
- Legal actions have been initiated against key company figures.
New Delhi, Sep 18 (NationPress) The Enforcement Directorate (ED) has attached assets valued at Rs 255.28 crore belonging to a township developer in light of allegations of cheating and fraud against home buyers who were not provided with their promised homes and plots in a timely manner, an official reported on Thursday.
The ED's action, carried out by the Gurugram Zonal Office against Ramprastha Promoters and Developers Pvt Ltd (RPDPL), was executed under the Prevention of Money Laundering Act (PMLA), 2002, as stated by the official.
The investigation agency disclosed that RPDPL had amassed Rs 1,100 crore from over 2,600 homebuyers for various projects.
The assets provisionally attached include a range of plots, lands, residential flats, and commercial buildings belonging to RPDPL, its group companies, and the Directors or their relatives and key managerial personnel, according to the statement.
The official noted that the ED's investigation was initiated following multiple FIRs lodged by the Economic Offences Wing (EOW) of New Delhi and the Haryana Police.
The FIRs alleged that RPDPL and its promoters deceived various home and plot buyers by not delivering the promised properties within the agreed-upon timelines, which expired 10-14 years ago.
The ED's inquiry revealed that RPDPL had initiated several projects, including Project Edge, Project Skyz, Project Rise, and Ramprastha City (a plotted colony project) in Sectors 37D, 92, 93, and 95 of Gurugram between 2008 and 2011, with promises to deliver flats and plots within 3-4 years of launching. However, the company failed to adhere to these deadlines.
The investigation also found that RPDPL's promoters and directors diverted hundreds of crores collected from homebuyers to their group companies as advances for land purchases rather than using those funds to complete the promised homes, which ultimately resulted in the ongoing failure to deliver flats and plots.
Earlier in this case, the ED had arrested Arvind Walia and Sandeep Yadav, both directors and majority shareholders of RPDPL, on July 21 under the provisions of the PMLA, 2002. Both are currently in judicial custody.
Additionally, the ED has conducted searches and issued a Provisional Attachment Order leading to the attachment and freezing of various bank balances, movable assets, and immovable properties of RPDPL, its group companies, and directors or their relatives, amounting to Rs 572.21 crore. The cumulative attachment and seizure in this case have reached a total of Rs 827.49 crore, as reported by the ED.
Point of View
It becomes evident that consumer trust in the real estate sector is at a critical juncture. As a national news outlet, we stand committed to bringing transparency and accountability to such cases, ensuring that homebuyers are informed and protected from fraudulent practices.
NationPress
20/09/2025
Frequently Asked Questions
What prompted the ED to take action against RPDPL?
The ED acted on multiple FIRs alleging fraud and cheating against RPDPL, where the developer failed to deliver homes and plots to over 2,600 buyers.
How much money has RPDPL reportedly collected?
RPDPL has collected approximately Rs 1,100 crore from homebuyers for various projects.
What type of properties have been attached by the ED?
The attached properties include residential flats, commercial buildings, and plots of land owned by RPDPL and its associated companies.
What are the implications of this case for homebuyers?
This case highlights the potential risks in the real estate sector and underscores the importance of regulatory oversight to protect consumer interests.
What is the status of the arrested directors?
The directors Arvind Walia and Sandeep Yadav are currently in judicial custody following their arrest under the PMLA.
