GURUGRAM– In a long-running real estate fraud case, three key promoters of Universal Buildwell Pvt. Ltd. have been arrested by the Enforcement Directorate. The arrests shed light on an alleged scheme that defrauded hundreds of homebuyers of over ₹1,000 crore through uncompleted projects and diverted funds.
A Decade-Long Deception Unveiled
After seven years of evading justice, Raman Puri, Varun Puri, and Vikram Puri, the prominent figures behind Universal Buildwell Pvt. Ltd. were finally taken into custody by the Enforcement Directorate. Declared as proclaimed offenders, their arrest on July 22 marks a crucial turning point in a complex fraud case that has left scores of homebuyers in financial distress. The trio faced a Special PMLA Court in Gurugram and have been remanded to ED custody, where they will remain until July 29 as investigations deepen.
The Anatomy of a ₹1,000 Crore Scam
The ED’s comprehensive investigation is rooted in more than 30 First Information Reports (FIRs) filed against Universal Buildwell Pvt. Ltd. and its directors. These complaints uniformly accuse the company of duping numerous buyers by collecting over ₹1,000 crore for residential and commercial properties across eight major projects spanning Gurugram and Faridabad. Despite receiving substantial payments these projects remain incomplete leaving investors in limbo. The probe indicates a systematic diversion of funds, with only a minuscule portion of the collected money purportedly allocated for development work. The vast majority it is alleged was funneled into private land acquisitions the purchase of luxury assets and personal gains for the promoters.
Forged Documents and Repeated Sales
Adding layers of deceit to the elaborate scheme the accused are also implicated in preparing fraudulent documents to secure substantial bank loans. Furthermore, the investigation has uncovered instances where properties were sold multiple times using forged agreements, effectively misleading both financial institutions and unsuspecting investors. The company’s “assured return” schemes which initially lured many proved to be a mirage ultimately contributing to the widespread financial losses.
Insolvency and the Path Forward
Universal Buildwell Pvt. Ltd. has since entered insolvency proceedings a move that has further complicated the recovery prospects for the defrauded buyers. The Enforcement Directorate’s ongoing probe is now meticulously examining every aspect of the financial irregularities with suspicions that the network of individuals involved in this sprawling scam extends beyond the recently arrested promoters. The ED’s pursuit aims to uncover all beneficiaries of this fraudulent enterprise and bring them to justice offering a glimmer of hope to those who lost their hard-earned money.