GURUGRAM: The Enforcement Directorate (ED) has secured a two-day custody of Sandeep Yadav and Arvind Walia, the promoters of the Haryana-based Ramprastha Group, as part of a money laundering investigation tied to an alleged ₹1,100 crore fraud involving homebuyers.
The arrests occurred on Monday following raids at three locations in Delhi and Gurugram, including the residences of the directors, conducted by the ED’s Gurugram zonal office.
Yadav and Walia are directors and major shareholders of Ramprastha Promoters and Developers Pvt Ltd (RPDPL). They were detained under the Prevention of Money Laundering Act (PMLA).
The federal agency presented them before an additional session judge, subsequently securing their custody.
The agency had begun investigating the group in September 2024.
Allegations indicate that RPDPL amassed around ₹1,100 crore from over 2,000 homebuyers for various residential projects, including Project Edge, Project Skyz, Project Rise, and the Ramprastha City plotted colony project, during the period from 2008 to 2011.
Homebuyers have yet to receive possession of their flats or plots even after 15-20 years, sources have reported.
Earlier this month, as part of the investigation, the agency attached properties spanning more than 1,900 acres, valued at over ₹681.54 crore, belonging to the group in Gurugram.
The money laundering case originates from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi and Haryana Police, based on numerous complaints from homebuyers against RPDPL and its promoters, including Yadav, Walia, and Balwant Chaudhary, regarding their inability to deliver the promised flats and plots in a timely manner, as stated by the ED.
The company and its promoters allegedly misappropriated funds from homebuyers, redirecting them to group companies as advances for land purchases instead of using them for the completion of promised housing projects.
