On July 12, ED connected actual property group's land belongings price over Rs 680 crore to alleged fraud with homebuyers.
ED issued a provisional order towards Ramprastha Promoters and Builders Pvt Ltd (RDDPL) and its group firms, the federal company mentioned in a press release.
The connected properties embody plotted colonies of Ramprastha Metropolis measuring 226 acres in Sectors 37D, Sector 92 and 95 in Gurugram and land parcels measuring 1,700 acres in Basai, Gadoli Kalan, Hayatpur and Wazipur in Gurugram.
The entire worth of those belongings is 681.54 crore, the company mentioned.
The cash laundering case stems from a number of FIRs filed by the Financial Offences Wing (EOW) of the Delhi and Haryana Police primarily based on complaints of quite a few homebuyers towards RPDPL and its promoters, like Arvind Walia, Balwant Chaudhary and Sandeep Yadav, for his or her “failure” to ship promised flats and plots throughout the promised timeframes, the ED mentioned.Probe discovered, the ED mentioned, that numerous tasks of RPDPL, reminiscent of Undertaking Edge, Undertaking Skyz, Undertaking Rise and Ramprastha Metropolis (in numerous sectors of Gurugram) have been launched throughout 2008-2011 and possession of flats/plotted lands are but to be given even after lapse of greater than 14-17 years.
The corporate collected about Rs 1,100 crore from greater than 2,000 homebuyers for the mentioned tasks, however the promoters and administrators of the corporate “diverted” these funds to its group firms as advances for buy of land parcels, and so forth, as an alternative of utilizing them for completion of promised properties, it mentioned.
