+
ED conducts searches on Ramprastha Group in money laundering case
ECONOMY & POLICY

ED conducts searches on Ramprastha Group in money laundering case

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)

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)

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?