ED arrests Ramprastha Group promoters in ₹1,100 crore homebuyer fraud case

The Directorate of Enforcement (ED) has arrested two promoters of a real estate and infrastructure development firm in a money laundering case related to an alleged ₹1,100 crore fraud involving homebuyers, sources said.

The anti-money laundering agency on Monday conducted searches at the residential and business premises of the promoters, including Sandeep Yadav and Arvind Walia, director and promoter of the Ramprastha Group, under the Prevention of Money Laundering Act (PMLA), 2002.

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These searches were carried out at three locations in Delhi and Gurugram in connection with the money laundering case against Ramprastha Promoters and Developers. Subsequently, the two individuals were taken into custody by the federal agency under provisions of the PMLA.

According to sources, immovable assets worth ₹681.54 crore belonging to the company and its group entities had already been provisionally attached by the ED on July 11.

The ED investigation has so far revealed that Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL) allegedly collected around ₹1,100 crore from over 2,000 homebuyers for various housing projects.

However, the possession of flats or plots under these projects has not been handed over, even after a delay of 15 to 20 years. Further investigation is underway, sources added.