Tag: Enforcement Directorate

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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…

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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…

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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…

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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),…

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ED Arrests Two in Sahara Group Money-Laundering Case

NEW DELHI: On Sunday, the Enforcement Directorate (ED) reported the arrest of two individuals, including an executive director from the Sahara Group chairman’s core management team and a property broker closely associated with the group, as part of a money-laundering investigation concerning the Sahara Group and its affiliates. The arrested individuals have been identified as Vailaparampil Abraham and Jitendra Prasad Verma. According to the ED, Abraham had a crucial role in facilitating the sale of Sahara Group properties, many of which allegedly involved significant unaccounted cash transactions. Verma was actively engaged in executing several of these property deals and aided…

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ED Seizes ₹681 Crore Assets from Ramprastha Group

Representative image created by AI NEW DELHI: The Enforcement Directorate (ED) has attached colonies and plots spanning over 1,900 acres, valued at over Rs 680 crore, related to the Ramprastha real estate group in Gurugram due to an alleged fraud involving homebuyers. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) against Ramprastha Promoters and Developers Pvt Ltd (RDDPL) and its affiliates, the agency announced in a statement. The properties attached include various plotted colonies within Ramprastha City covering 226 acres in Sectors 37D, 92, and 95, as well as land parcels totaling 1,700 acres…

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Unitech Group Promoters Misused ₹8,000 Crore in Buyer Funds: ED

NEW DELHI: The Enforcement Directorate (ED) has accused the Unitech Group and its promoters of misappropriating nearly half of the over Rs 16,000 crore obtained from homebuyers and financial institutions for personal use and through various “benami” entities. This allegation was made in a recent chargesheet filed against them. The third prosecution complaint (chargesheet) was submitted to a special Prevention of Money Laundering Act (PMLA) court in Delhi on July 10. Unitech promoter Ramesh Chandra, along with linked companies like Shivalik Ventures Private Limited, Auram Asset Management Private Limited, Unitech Build Tech Limited, Unitech Golf Resorts Limited, and Ranchero Services…

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ED: Debock Industries Owner Invested Crime Proceeds in Real Estate

AI-generated Representative Image JAIPUR: The owner of Debock Industries Ltd has been investing over Rs 100 crore in real estate, utilizing proceeds from a financial fraud. The acquisitions include villas, housing schemes, hotels, and resorts equipped with wedding banquet halls. This information was disclosed by officials from the Enforcement Directorate (ED), who are investigating the money laundering case concerning the group. As the raids unfolded on Saturday, an ED officer stated, “We have seized Rs 78 lakh, property papers for 150 bighas of land, along with incriminating documents and evidence against the company.” “They were developing a resort near Chaksu…

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Delhi HC Dismisses Plea to Oversee ED Probe into IREO Residences

NEW DELHI: The Delhi High Court has affirmed the Enforcement Directorate’s investigation into the real estate company IREO Residences and dismissed a petition claiming bias against the agency. Justice Manmeet Pritam Singh Arora issued the ruling on Wednesday, criticizing petitioner Gulshan Babbar for omitting vital information and imposing a fine of Rs 1.25 lakh for misleading the court. Babbar alleged that the Enforcement Directorate had failed to properly investigate financial discrepancies amounting to Rs 1,317 crore related to bank loans and land transactions in Gurugram. The High Court dismissed Babbar’s petitions due to lack of standing and maintainability. Published On…

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Architects, Officials Colluded for Illegal Construction: ED

NEW DELHI: A significant cartel, comprising architects, chartered accountants, and officials of the Vasai Virar City Municipal Corporation in Maharashtra, has been implicated in extensive illegal construction on land designated for sewage treatment plants. According to the Enforcement Directorate (ED), these individuals sold this land fraudulently to the public. The federal agency confirmed that on July 1, they conducted searches at 16 sites related to a money laundering investigation concerning 41 illegal buildings in the Vasai Virar area. During these raids, the ED froze bank deposits and mutual funds valued at ₹12.71 crore and seized ₹26 lakh in cash, along…