Realty Shock: Promoters Arrested in Massive Fraud Probe
The Enforcement Directorate has arrested Sandeep Yadav and Arvind Walia, directors of Ramprastha Group, for a money laundering investigation linked to a Rs 1,100 crore fraud. Homebuyers were allegedly defrauded as the company failed to deliver promised homes despite collecting large sums of money since 2008.
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- India
The Enforcement Directorate has made a significant crackdown in an ongoing money laundering case, arresting two key figures of the Haryana-based Ramprastha Group. Promoters Sandeep Yadav and Arvind Walia have been taken into custody on allegations of a massive Rs 1,100 crore fraud affecting over 2,000 homebuyers.
The arrests followed early morning raids at various premises in Delhi and Gurugram, involving the company's directors. This action is part of a wider investigation stemming from multiple complaints about undelivered housing projects and misappropriation of funds.
According to sources, substantial amounts collected for residential schemes were allegedly diverted to other ventures instead of being used for promised developments. Despite claims of extensive development potential, the company faces serious allegations of failing to provide possession of homes even after several years.
(With inputs from agencies.)
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