CHANDIGARH: The Gurugram zonal office of the Directorate of Enforcement (ED) has provisionally attached properties valued at Rs 153.16 crore, belonging to the former promoters of M/s Universal Buildwell Private Limited and its affiliated entities, alongside their key associates.
The attached assets encompass 29.45 acres in Behror, Rajasthan, several units at Universal Trade Tower, Sector 49, Gurugram, and a fixed deposit of Rs 3.16 crore, as per provisional attachment orders issued by adjudicating authorities last week. The ED also filed a chargesheet against the accused during this timeframe.
The investigation was prompted by over 30 FIRs filed under various Indian Penal Code sections in Delhi NCR against M/s Universal Buildwell Pvt. Ltd. and its promoters—Raman Puri, Vikram Puri, and Varun Puri. These FIRs were based on complaints regarding delays in real estate project completions and misleading homebuyers and investors, resulting in significant financial losses.
The three promoters, who previously served as directors, were arrested by the ED on July 22, 2025, under the Prevention of Money Laundering Act (PMLA), 2002, and currently remain in judicial custody.
The company was subsequently placed into the Corporate Insolvency Resolution Process (CIRP), leading to a resolution plan that involved homebuyers and other financial creditors. The National Company Law Tribunal (NCLT) ruled that certain assets be allocated to homebuyers recognized as financial creditors, while remaining assets would be liquidated. Despite over 15 years of waiting, homebuyers face additional costs due to the need for extra funding to recover their investments in these delayed projects.
Many homebuyers invested before 2010, and it is anticipated that they will wait longer for possession of their properties, as construction has halted since 2010 due to the actions of the former promoters. A report from the resolution professional indicated that the company, via its accused promoters, raised over Rs 1,000 crore over 12 years across eight different projects in Gurugram and Faridabad, utilizing only a fraction of those funds for project development while misappropriating the remainder for personal gain through criminal activities like cheating and forgery. Investigations are ongoing.
