Gurugram: The Enforcement Directorate (ED) has arrested Arvind Walia and Sandeep Yadav, Directors and majority shareholders of M/s Ramprastha Promoters & Developers Pvt Ltd (RPDPL), in connection with a massive real estate scam involving the cheating of over 2,000 homebuyers.
The arrest was made on July 21 under the Prevention of Money Laundering Act (PMLA), 2002, a statement from the probe agency said on Wednesday.
The accused were produced before the Additional Sessions Judge in Gurugram, who granted ED custody till July 25.
The ED also carried out search operations at three locations in Delhi and Gurugram. These actions follow multiple FIRs filed by the Economic Offences Wing (EOW) of Delhi Police and Haryana Police, alleging that the promoters of RPDPL failed to deliver flats and plots for over 14 years despite collecting nearly Rs 1,100 crore from homebuyers.
According to the ED, RPDPL launched several real estate projects between 2008 and 2011, including Project Edge, Project Skyz, Project Rise, and Ramprastha City across sectors 37D, 92, and 95 in Gurugram. Possession was promised within 3-4 years but remains undelivered even after more than a decade.
The investigation revealed that over Rs 140 crore collected from buyers was siphoned off to group companies under the guise of land purchases and other investments, rather than being used for construction.
This diversion of funds, ED said, amounted to a deliberate act of cheating and misrepresentation, leading to massive financial losses to buyers.
During the searches, officials seized Rs 18 lakh in unaccounted cash, six luxury cars, and froze 34 bank accounts and three lockers.
Earlier, on July 11, immovable properties worth Rs 681.54 crore linked to RPDPL were provisionally attached.
The ED stated that further investigations are underway.
(IANS)
