GURUGRAM: The Directorate of Enforcement (ED) on Wednesday secured two-day custody of Sandeep Yadav and Arvind Walia, promoters of Haryana-based realty company Ramprastha Group, in connection with a money laundering probe linked to an alleged Rs 1,100 crore fraud with homebuyers.
The two were arrested on Monday after the Gurugram zonal office of the federal probe agency raided three premises in Delhi and Gurugram, including those of the directors, early morning on that day.
Yadav and Walia are directors and majority shareholders in Ramprastha Promoters and Developers Pvt Ltd (RPDPL). They were taken into custody under the Prevention of Money Laundering Act (PMLA).
The federal probe agency produced the two in the court of an additional session judge, following which the ED secured their custody.
The agency conducted a survey against the group in September 2024.
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 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.
