CHANDIGARH: The Directorate of Enforcement (ED) from the Gurugram Zonal Office announced the arrest of Raman Puri, Varun Puri, and Vikram Puri—former directors and promoters of Universal Buildwell Pvt Ltd—under the Prevention of Money Laundering Act for involvement in alleged real estate fraud.
The trio, who were on the run for over seven years and declared proclaimed offenders by multiple courts, were arrested by the Delhi Police.
The special PMLA court in Gurugram ordered the trio to be held in ED custody until July 29.
The investigation was initiated after more than 30 FIRs were filed against Universal Buildwell Pvt Ltd and the Puri brothers under various IPC sections within the Delhi NCR. This was due to their failure to complete real estate projects on time, leading to significant financial loss for homebuyers and investors.
The company underwent the Corporate Insolvency Resolution Process (CIRP), resulting in a resolution plan being accepted by the National Company Law Tribunal (NCLT), which mandated that certain assets be given to homebuyers, while others were to be liquidated.
Most homebuyers invested in these projects before 2010.
The accusations stem from the fraudulent mobilization of funds from homebuyers by the Puri brothers, who misled them into believing the projects would be completed by 2010 and promised guaranteed returns on commercial ventures.
Additionally, the arrested individuals are implicated in defrauding various financial institutions through fraudulent activities. They allegedly sold some assets at minimal prices, oversold inventory, and created forged agreements for personal gain.
Data extracted from the resolution professional indicates that Universal Buildwell Pvt Ltd, led by the accused, raised over Rs 1,000 crore over 12 years through eight projects in Gurugram and Faridabad, including Universal Trade Tower, Universal Greens, and others.
It is believed that only a portion of the funds was used for development, while the rest was misappropriated for personal gain through fraudulent practices.
