ED Cracks Down on Ramprastha Group for Alleged Money Laundering

The Directorate of Enforcement (ED), Gurugram Zonal Office, conducted a survey under the Prevention of Money Laundering Act (PMLA) at Ramprastha Promoters and Developers Pvt. Ltd. The investigation stems from allegations of fund diversion and project delays affecting over 1000 homebuyers.

The Directorate of Enforcement (ED) in Gurugram has conducted a survey under the Prevention of Money Laundering Act (PMLA), 2002, targeting Ramprastha Promoters and Developers Pvt. Ltd. and associated entities. The operation took place on September 4.

The ED launched the investigation following multiple FIRs filed by Haryana Police and the Economic Offences Wing (EOW), New Delhi, against the Ramprastha Group. Allegations suggest that between FY 2006 and FY 2016, the accused induced potential homebuyers to invest in residential units that remain incomplete, years past their promised completion dates.

The survey, conducted under Section 16 of the PMLA, saw key Ramprastha figures like Balwant Singh and Sandeep Yadav abstaining from proceedings. However, authorities inventoried significant incriminating documents, digital evidence, and financial records crucial to the ongoing money laundering probe. Over 1000 homebuyers, who collectively invested more than Rs 500 crore and have awaited possession for over 4-5 years, were identified.

(With inputs from agencies.)