NEW DELHI: Assets worth Rs 80 crore of real estate companies such as Vatika and Unitech Groups have been seized by the Enforcement Directorate as part of a money laundering probe against Gurugram-based Ramprastha group for alleged homebuyer fraud.On Wednesday, an interim order was issued by the Federal Investigation Agency to seize these properties under the Prevention of Money Laundering Act (PMLA).
The investigation concerns Ramprastha Promoters and Developers Pvt Ltd (RPDPL) and its associated entities. The total value of the seized assets is Rs 80.03 crore, the Enforcement Directorate (ED) said in a statement.
“The seized assets include movable and immovable properties of Vatika Group, Unitech Group and other entities to which homebuyers’ money was diverted instead of using it for projects of RPDPL,” the report said.All three companies could not immediately be reached for comment.
The agency had earlier seized, frozen and confiscated properties worth Rs 786 crore as part of this investigation.
“With the latest seizure, the total value of seized and seized assets now stands at Rs 866 crore,” the report said.
The money laundering case stems from multiple FIRs filed by the Economic Offenses Wings of Delhi and Haryana Police. These followed several complaints by homebuyers against the RPDPL and its promoters, including Arvind Walia, Balwant Chaudhary and Sandeep Yadav, for their “failure” to deliver promised apartments and plots within the promised timelines, the ED said earlier.
The investigation, according to the agency, revealed that several projects of RPDP – such as Project Edge, Project Skyz, Project Rise and the Ramprastha City (in different sectors of Gurugram) – were started in 2008-2011, and ownership of flats or built-up land is yet to be transferred.
The company collected around Rs 1,100 crore from over 2,000 home buyers for the said projects, but the promoters and directors of the company ‘diverted’ these funds to the group companies as advances for purchase of plots, etc., instead of using them for completion of promised houses, the company said.
Wali and Yadav, directors and majority shareholders of the RPDPL, were arrested by the organization in July and are currently in jail under judicial custody.
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