ED conducts searches on Ramprastha Group in money laundering case

06 Sep 2024 CW Team

The Enforcement Directorate (ED) carried out searches at several locations of real estate firm Ramprastha Group in Gurugram as part of an ongoing money laundering investigation. The probe is linked to allegations of cheating homebuyers, according to official sources. The ED?s case follows multiple FIRs lodged by dissatisfied homebuyers who accused the company of failing to deliver on its housing project commitments.

Projects under scrutiny include Ramprastha Rise, Ramprastha City, and Ramprastha SKYZ, all located in Gurugram, Haryana.

There has been no response from Ramprastha Group to inquiries from the source.

Sources indicated that some of the group's promoters, including Balwant Chaudhary, Arvind Walia, and Sandeep Yadav, have been summoned for questioning but have yet to appear.

On its website, the company claims to hold a significant land bank in Gurugram, with a development potential of over 80 million square feet. Ramprastha Group also stated that it has successfully sold 8,000 housing units and aims to expand to nearly 100,000 units in the future.

This ED action comes just ahead of the Haryana assembly elections, scheduled for October 5. (PTI & ET)

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