DELHI/GURUGRAM- Authorities have taken into custody two key individuals behind the Ramprastha Group, Sandeep Yadav and Arvind Walia, as part of an ongoing probe into alleged financial irregularities. The arrests are linked to a wide-ranging case where a large sum, estimated at over ₹1,100 crore, was reportedly collected from more than 2,000 individuals who had hoped to purchase homes. These buyers, many of whom made payments years ago, are still awaiting possession of their properties.
Investigation Uncovers Financial Misconduct
The investigation, led by the Enforcement Directorate, suggests that Ramprastha Promoters & Developers Private Limited (RPDPL), identified as the group’s primary entity, was at the center of these transactions. Before the arrests, investigators conducted searches at multiple locations across Delhi and Gurugram connected to the accused. As a result of their findings, assets valued at over ₹681 crore were provisionally seized. These seized assets include large land parcels and parts of a major township project in Gurugram.
The Promoters and Their Enterprise
Mr. Yadav and Mr. Walia are identified as the principal stakeholders in RPDPL, the flagship company of the Ramprastha Group. The company had launched several residential ventures, including projects known as Edge, Skyz, Rise, and the extensive Ramprastha City development, all aimed at providing homes and plots to a large customer base. The current legal actions arise from complaints originally filed by numerous affected buyers with police economic crime units in both Delhi and Haryana.
A Decades-Long Wait for Homebuyers
Many of the projects at the heart of this case were initiated between 2008 and 2011. Despite the passage of 14 to 17 years, a significant number of homebuyers have yet to receive their apartments or plots. The ongoing investigation aims to unravel the flow of the collected funds and determine why the promised properties were never delivered, leaving thousands in a prolonged state of uncertainty and financial distress.