Home buyers 'fraud': ED arrests 2 Ramprastha Group directors
The arrests came after the Gurugram zonal office of the federal probe agency raided their premises early morning apart from some others in the national capital region (NCR)
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The Enforcement Directorate on Monday arrested Sandeep Yadav and Arvind Walia, promoters of realty company Ramprastha Group, as part of a money laundering investigation linked to an alleged Rs 1,100 crore fraud with homebuyers, official sources said.
The arrests came after the Gurugram zonal office of the federal probe agency raided their premises early morning apart from some others in the national capital region (NCR).
The two are directors and majority shareholders in Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL). They have bene taken into custody under the Prevention of Money Laundering Act (PMLA), they said.
It is alleged that RPDPL collected about Rs 1,100 crore from more than 2,000 homebuyers for various housing schemes like Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project). The possession of the flats or plots is yet to be given even after 15-20 years, the sources said.
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