ED arrests Ramprastha Group promoters Sandeep Yadav and Arvind Walia under the Prevention of Money Laundering Act in a major crackdown on alleged fraud against homebuyers. The Enforcement Directorate carried out searches on Monday at their residential and business premises in Delhi and Gurgaon before taking them into custody. Both are directors and majority shareholders in Ramprastha Promoters and Developers Pvt Ltd (RPDPL), the company at the center of the ₹1,100 crore scam.
According to the ED, RPDPL collected around ₹1,100 crore from over 2,000 homebuyers between 2008 and 2011 for multiple projects in Gurgaon, including Project Edge, Project Skies, Project Rise, and Ramprastha City. Despite promises, many buyers have not received possession of flats or plots even after 15–20 years.
Earlier, on July 11, the ED had seized immovable assets worth ₹681.54 crore belonging to RPDPL and its group firms after a survey conducted in September 2024 exposed irregularities. The investigation revealed that the funds raised from homebuyers were allegedly diverted and misused instead of being invested in project completion.
This action underscores ED’s ongoing commitment to protecting homebuyers from real estate fraud and ensuring accountability in the sector. The probe into the misuse of funds continues, with more revelations expected as the investigation progresses.
