Major Real Estate Fraud Unveiled: Directors Arrested
Sandeep Yadav and Arvind Walia, directors of Ramprastha Group, were arrested by the Enforcement Directorate for their involvement in a Rs 1,100 crore fraud. The investigation revealed that funds from over 2,000 homebuyers were acquired for housing projects but properties were never delivered, even after decades.
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The Enforcement Directorate has apprehended Sandeep Yadav and Arvind Walia, influential figures behind real estate entity Ramprastha Group, in connection to a sweeping Rs 1,100 crore fraud case affecting homebuyers. This arrest is a pivotal development in a prolonged investigation into alleged financial misconduct within the company.
Officials report that the Gurugram office of the federal agency conducted early morning raids on several premises in the NCR, including those belonging to the arrested directors. The detainees wield significant control over Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL) and face charges under the Prevention of Money Laundering Act.
The case stems from allegations that RPDPL collected colossal sums from more than 2,000 customers for housing projects such as Project Edge and Ramprastha City. Shockingly, these buyers have yet to receive property possession despite waiting 15 to 20 years, as reported by sources linked to the investigation.
(With inputs from agencies.)
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