ED recovers 'incriminating' evidence against Ramprastha Group
ECONOMY & POLICY

ED recovers 'incriminating' evidence against Ramprastha Group

The Enforcement Directorate (ED) has recovered incriminating evidence and financial records during a survey operation conducted against Gurugram-based real estate firm Ramprastha Group. The operation was part of an ongoing money-laundering investigation under the Prevention of Money Laundering Act (PMLA) and was carried out on Wednesday.

According to the ED, over 1,000 homebuyers invested more than Rs 5 billion in various Ramprastha Group projects but were not handed possession despite having made full or significant payments four to five years ago. The agency alleges that the funds were diverted and projects, including Ramprastha's Rise, City, and SKYZ, were not completed despite exceeding their deadlines.

The investigation follows FIRs filed by the economic offences wings of both the Haryana and Delhi Police against Ramprastha Promoters and Developers Private Limited, its directors, and its promoters. The complaints accuse the company of misleading potential homebuyers into purchasing residential units between 2006 and 2016 without delivering the promised homes.

The ED also noted that the group's owners, including Balwant Singh and Sandeep Yadav, did not participate in the survey operation. The investigation led to the collection of incriminating documents, including digital evidence and account books.

Ramprastha Group's website claims the company holds a substantial land bank in Gurugram with a development potential exceeding 80 million square feet. It has already sold 8,000 residential units, with the potential to reach 100,000 units in the future.

This action occurs as Haryana heads toward elections on October 5, with results set to be announced on October 8, along with Jammu and Kashmir.

(ET)

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The Enforcement Directorate (ED) has recovered incriminating evidence and financial records during a survey operation conducted against Gurugram-based real estate firm Ramprastha Group. The operation was part of an ongoing money-laundering investigation under the Prevention of Money Laundering Act (PMLA) and was carried out on Wednesday. According to the ED, over 1,000 homebuyers invested more than Rs 5 billion in various Ramprastha Group projects but were not handed possession despite having made full or significant payments four to five years ago. The agency alleges that the funds were diverted and projects, including Ramprastha's Rise, City, and SKYZ, were not completed despite exceeding their deadlines. The investigation follows FIRs filed by the economic offences wings of both the Haryana and Delhi Police against Ramprastha Promoters and Developers Private Limited, its directors, and its promoters. The complaints accuse the company of misleading potential homebuyers into purchasing residential units between 2006 and 2016 without delivering the promised homes. The ED also noted that the group's owners, including Balwant Singh and Sandeep Yadav, did not participate in the survey operation. The investigation led to the collection of incriminating documents, including digital evidence and account books. Ramprastha Group's website claims the company holds a substantial land bank in Gurugram with a development potential exceeding 80 million square feet. It has already sold 8,000 residential units, with the potential to reach 100,000 units in the future. This action occurs as Haryana heads toward elections on October 5, with results set to be announced on October 8, along with Jammu and Kashmir. (ET)

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000