NEW DELHI: The Enforcement Directorate arrested Sandeep Yadav and Arvind Walia, promoters of Haryana’s Ramprastha Group, on Monday as part of a money laundering probe linked to an alleged ₹1,100 crore fraud involving homebuyers, according to official sources.
The arrests followed early morning raids at three locations in Delhi and Gurugram, including those of the directors, conducted by the federal agency’s Gurugram zonal office.
The duo serves as directors and majority shareholders of Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL). They have been taken into custody under the Prevention of Money Laundering Act (PMLA).
Attempts to reach the company or its promoters for comment regarding the ED’s actions were unsuccessful.
The agency had previously surveyed the group in September 2024.
In September 2024, searches were also carried out against the group. Allegations state that RPDPL raised approximately ₹1,100 crore from over 2,000 homebuyers for various housing projects such as Project Edge, Project Skyz, Project Rise, and Ramprastha City (a plotted colony project) in different Gurugram sectors from 2008 to 2011.
Sources indicated that buyers have yet to receive possession of their flats or plots, even after a span of 15 to 20 years.
Earlier this month, the agency attached colonies and plots across more than 1,900 acres valued at over ₹681.54 crore linked to the group in Gurugram as part of this investigation.
The money laundering case originated from multiple FIRs filed by the Economic Offences Wing (EOW) of Delhi and Haryana Police, based on complaints from numerous homebuyers against RPDPL and its promoters, including Yadav, Walia, and Balwant Chaudhary, for not delivering promised flats and plots on time, according to ED statements.
The agency asserted that the company and its promoters “diverted” funds received from buyers for these developments to group companies as advances for land acquisition, rather than completing the promised homes.
On its website, the company claims to hold a substantial land bank in Gurugram, with a combined development potential exceeding 80 million sq ft between Gurugram and Ghaziabad. “We have successfully sold 8,000 dwelling units in the region and have the potential to reach nearly 100,000 dwelling units in the future,” they stated.
