Tag: Enforcement Directorate

Latest StoriesRera

Haryana RERA Issues Notice to Ramprastha Developers

GURUGRAM: The Real Estate Regulatory Authority (HRera) has issued a show-cause notice to Ramprastha Promoters & Developers Pvt Ltd, demanding compliance with pending orders or face civil imprisonment. This action follows the recent arrest of the company’s directors, Arvind Walia and Sandeep Yadav, by the Enforcement Directorate (ED) in connection with a ₹1,100-crore money laundering case involving over 2,000 defrauded homebuyers. The notice states: “Show cause as to why you, being promoters, should not be detained in civil prison under Section 40(1) of the Real Estate (Regulation and Development) Act, 2016, for a term not exceeding three months for failing…

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ED Raids Ozone Urbana Developers Over Homebuyers’ Fraud

BENGALURU: The Enforcement Directorate (ED) has executed searches on a Bengaluru-based real estate firm and its promoters, who are accused of defrauding home buyers of several crores in connection with the sale of flats in their residential project, according to official sources. At least ten locations associated with Ozone Urbana Developers Pvt. Ltd. and its key management were searched in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA). The main promoter of the company is Satyamoorthi Vasudevan. The ED initiated action against the company and its promoters following multiple police FIRs concerning their residential project named Ozone…

Latest StoriesRegulatory

ED uncovers property records tied to ex-Vasai-Virar chief

MUMBAI: The Enforcement Directorate (ED) has confiscated several documents related to properties associated with Anil Pawar, the former civic chief of the Vasai-Virar City Municipal Corporation (VVMC), during searches conducted at 12 locations linked to him this week. According to ED sources, Pawar allegedly “established multiple entities in the names of family members, relatives, and benamidars to facilitate money laundering of bribed funds.” The sources further revealed, “The creation of these shell entities aligns with his tenure as VVCMC commissioner in 2022, engaging largely in cash-intensive businesses such as construction and redevelopment.” Investigations by the ED uncovered a systematic cartel…

Latest StoriesRegulatory

ED Investigates Reliance Home Finance Over ₹7,000 Crore Loans

NEW DELHI: The Enforcement Directorate (ED) is currently examining extensive documents and digital records obtained from Anil Ambani’s Reliance group during searches conducted from July 24 to Sunday. The agency is particularly focused on the alleged diversion of Rs 12,000 crore in loans by Reliance Home Finance Ltd (RHFL) to various affiliated entities. The ED is receiving support from the National Financial Reporting Authority, CBI, the Securities and Exchange Board of India (SEBI), and the National Housing Bank, as the case involves significant public fund misappropriation. Approximately a dozen related entities are undergoing insolvency proceedings, leading to substantial losses for…

Latest StoriesRegulatory

ED Investigates High-Rise Scam, Seizes Cash Linked to Official

HYDERABAD: The Enforcement Directorate (ED) has uncovered a series of questionable real estate transactions and seized Rs 72 lakh in unaccounted cash during investigations linked to the suspended HMDA director, Siva Balakrishna. The inquiry was triggered by an earlier FIR alleging illegal payments for the approval of a high-rise project by Udaya SSV Projects in Narsingi. This prompted the ED to carry out targeted searches, uncovering incriminating documents tied to several real estate deals and firms. The investigation is rooted in a disproportionate assets case initiated by the Anti Corruption Bureau. The latest searches took place on July 24 at…

Latest StoriesRegulatory

ED Apprehends Fugitives Linked to Universal Buildwell

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…

Latest StoriesRegulatory

ED Takes Custody of Two Ramprastha Group Directors in ₹1,100 Crore Fraud

Representative image created by AI 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…

Latest StoriesRegulatory

ED Arrests Two Directors of Ramprastha Group

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…

Latest StoriesRegulatory

ED Files Second Complaint Against Unitech Group Promoters

NEW DELHI: The Enforcement Directorate (ED) submitted its Second Supplementary Prosecution Complaint (SPC) to the Special Court under the Prevention of Money Laundering Act (PMLA) on July 10. The complaint targets Ramesh Chandra and others, including multiple companies such as M/s Shivalik Ventures Private Limited, M/s Auram Asset Management Private Limited, M/s Unitech Build Tech Limited, M/s Unitech Golf Resorts Limited, and M/s Ranchero Services Limited. This action is part of a larger investigation into significant financial irregularities and money laundering associated with Unitech Limited and its directors. The ED’s investigation was initiated based on FIRs lodged by the Central…

Latest StoriesRegulatory

ED Seizes ₹762 Crore in PACL Assets

NEW DELHI: The Enforcement Directorate (ED) announced on Saturday that it has attached assets valued at over Rs 762 crore belonging to PACL (Pearls Group) and its promoters under the anti-money laundering law. This action relates to an alleged Ponzi scheme that swindled investors out of approximately Rs 48,000 crore. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to seize 68 immovable properties located across Punjab, Haryana, Delhi, Maharashtra, and Australia. This money-laundering investigation dates back to 2015 and originated from a Central Bureau of Investigation (CBI) FIR against Pearl Agrotech Corporation Limited (PACL),…