Delay in home delivery: ED attaches Gurugram developer’s assets worth Rs 255 crore
ED Cracks Down on Real Estate Fraud: Attaches Assets Worth Rs 255 Crore from Ramprastha Developers
In a major move against real estate cheating, the Enforcement Directorate (ED) has attached properties worth Rs 255.28 crore belonging to Ramprastha Promoters and Developers Pvt Ltd (RPDPL). This action targets the company for allegedly defrauding over 2,600 homebuyers who paid for houses and plots but never got them on time. The ED’s Gurugram Zonal Office carried out the attachment on Wednesday under the Prevention of Money Laundering Act (PMLA), 2002.
The probe shows that RPDPL collected a whopping Rs 1,100 crore from buyers for projects in Gurugram, but instead of building the promised homes, the promoters diverted the funds. They funneled hundreds of crores to group companies for land purchases, leaving buyers high and dry even after 10-14 years.
Key projects hit by delays include Project Edge, Project Skyz, Project Rise, and Ramprastha City in Gurugram’s Sectors 37D, 92, 93, and 95. Launched between 2008 and 2011, these promised flats and plots within 3-4 years. But the company failed to deliver, sparking cheating complaints.
The attached assets now include plots, lands, residential flats, and commercial buildings linked to RPDPL, its group firms, directors, and their relatives. The ED started its money laundering investigation based on FIRs from the Economic Offences Wing (EOW) in New Delhi and Haryana Police. These FIRs accuse RPDPL and its promoters of outright fraud on homebuyers and plot buyers.
This isn’t the first blow for the company. Back on July 21, ED arrested two key directors—Arvind Walia and Sandeep Yadav, who hold majority shares in RPDPL—under PMLA. Both remain in judicial custody. Earlier searches and orders froze bank balances, movable assets, and properties worth Rs 572.21 crore. With this latest attachment, the total value of seized or attached assets in the case hits Rs 827.49 crore.
Homebuyers affected by such real estate scams in Gurugram and Delhi have long waited for justice. The ED’s actions highlight the growing crackdown on money laundering in the property sector, aiming to recover funds for cheated investors. Stay tuned for updates on this ongoing ED investigation into RPDPL fraud.
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