In a significant crackdown on financial fraud in the real estate sector, the Enforcement Directorate (ED) has arrested Sandeep Yadav and Arvind Walia, director and promoter of Ramprastha Group, for their alleged involvement in a Rs1,100 crore money laundering case tied to a massive builder-buyer scam.
The arrests follow extensive searches conducted at three premises in Delhi and Gurugram under provisions of the Prevention of Money Laundering Act (PMLA).
According to officials, the accused are key stakeholders in Ramprastha Promoters & Developers Pvt. Ltd. (RPDPL), the flagship firm of the Ramprastha Group. The ED investigation revealed that the duo collected approximately Rs1,100 crore from over 2,000 homebuyers across multiple stalled residential projects — Project Edge, Project Skyz, Project Rise, and Ramprastha City.
Despite buyers waiting for nearly 15–20 years, possession of flats and plots was never delivered.
On July 11, the ED provisionally attached immovable assets worth Rs681.54 crore linked to RPDPL and its group firms. The agency suspects diversion of funds, criminal breach of trust, and potential involvement of additional beneficiaries.
Further investigation is underway to trace the complete money trail and uncover other individuals or entities linked to this large-scale real estate scam.
