ED arrests top brass of Ramprastha Group in Rs 1,100 crore fraud case

NEW DELHI: The Enforcement Directorate (ED) Monday arrested Sandeep Yadav and Arvind Walia, director and promoter of Ramprastha Group, for their alleged involvement in an Rs 1,100 crore builder buyer fraud.

The agency on Monday had carried out searches at three locations in Delhi and Gurugram in connection with a money-laundering probe against M/s Ramprastha Promoters & Developers Pvt Ltd (RPDPL). Both residential and business premises of the director and promoter were searched by the agency on Monday.

Subsequently, Sandeep Yadav and Arvind Walia, director and majority shareholders of M/s RPDPL, were arrested by ED, said people in the know. Earlier, immovable properties worth Rs 681.54 crore belonging to M/s RPDPL and its group companies were provisionally attached by the agency on July 11.

ED has claimed that its probe has revealed that M/s RPDPL had collected approximately Rs 1,100 crore from more than 2,000 homebuyers for various projects viz. Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project) and possession of the flats/ plots are yet to be given even after a lapse of 15-20 years.