Realty Fraud Unveiled: Arrests in Rs 1,100 Crore Scandal
The Enforcement Directorate arrested Sandeep Yadav and Arvind Walia, promoters of Ramprastha Group, in connection with a Rs 1,100 crore fraud. This money laundering investigation relates to undelivered housing for over 2,000 buyers. Multiple FIRs had been filed, accusing the company of diverting funds intended for home completion.
- Country:
- India
The Enforcement Directorate made significant arrests on Monday when it apprehended Sandeep Yadav and Arvind Walia, key figures at Ramprastha Group. This action is part of an extensive investigation into a large-scale Rs 1,100 crore fraud against unsuspecting homebuyers.
Early morning raids at three locations in Delhi and Gurugram, including the directors' residences, were conducted by the ED's Gurugram zonal office. The directors were detained under the Prevention of Money Laundering Act, as they are major shareholders of Ramprastha Promoters and Developers Pvt. Ltd., linked to this alleged financial crime.
The ED, having previously attached assets worth Rs 681.54 crore from the group, continues to build its case on multiple FIRs filed by homebuyers. The agency claims that funds raised for housing projects were instead diverted to acquisitions of land by group companies, violating commitments to deliver the promised residential units.
(With inputs from agencies.)
Google News