ED recovers 'incriminating' evidence against Ramprastha Group

09 Sep 2024 CW Team

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)

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)

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Equipment

10 Mar 2026

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

Equipment

10 Mar 2026

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..