The Directorate of Enforcement (ED) has intensified its nationwide investigation into corporate financial malpractices, filing and pursuing high-stakes cases against three major entities—
- Ramprastha Promoters & Developers Pvt Ltd (RPDPL),
- Myntra Designs Pvt Ltd, and
- Simpl Infra Pvt Ltd (SIMPL)
across multiple states. The total alleged violations across these cases amount to thousands of crores of rupees, involving cheating of homebuyers, violation of FDI norms, and real estate-linked money laundering.
Modus Operandi
RPDPL lured over 2,000 homebuyers between 2008 and 2011 through attractive real estate schemes promising timely possession of flats and plots in Gurugram sectors 37D, 92, and 95. Instead of using the collected ₹1,100 crore for project completion, over ₹140 crore was siphoned off to group companies under the guise of land purchase, while construction stalled for over 14 years.
Myntra Designs Pvt Ltd allegedly misused the FDI route by disguising multi-brand retail trading (MBRT) as ‘Wholesale Cash & Carry’. The company routed ₹1,654 crore worth of foreign investment through its related firm, Vector E-Commerce Pvt Ltd, in a structured B2B-B2C model, violating FEMA norms and the FDI policy cap on intra-group sales.
SIMPL, under the pretext of developing real estate, was allegedly involved in laundering funds through shell entities. Funds from homebuyers were diverted, and the company misrepresented its books to appear compliant, even as possession remained undelivered.
Arrest and Seizure
ED arrested Arvind Walia and Sandeep Yadav, Directors of RPDPL, under the Prevention of Money Laundering Act (PMLA), 2002. ₹18 lakh in unaccounted cash and six luxury vehicles were seized. Three bank lockers and 34 accounts were frozen, and properties worth ₹681.54 crore were attached.
In the Myntra FEMA case, though no arrests were made, ED filed a complaint under Section 16(3) of FEMA before the Adjudicating Authority.
In the SIMPL case, several incriminating documents, bank details, and records suggesting fund diversion and fake billing were recovered and seized.
Team Led By
The Gurugram Zonal Office spearheaded the RPDPL and SIMPL investigations.
The Bengaluru Zonal Office led the Myntra FEMA probe.
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Name of Police Station
FIRs for the RPDPL case were originally registered by the Economic Offences Wing (EOW), New Delhi and the Haryana Police.
SIMPL, related inputs came via the Delhi Police Economic Offences Wing.
Myntra was investigated independently by ED Bengaluru following internal leads and financial data.