The Enforcement Directorate (ED) has provisionally attached properties worth over ₹681 crore belonging to the Ramprastha Group, in connection with a large-scale money laundering investigation linked to alleged cheating of homebuyers in Gurugram. The attached assets span more than 1,900 acres and include plotted colonies and land parcels across prime locations in the National Capital Region.
According to a statement released by the ED on Saturday, the properties belong to Ramprastha Promoters and Developers Pvt Ltd (RPDPL) and its affiliated group companies. The action follows multiple FIRs registered by the Economic Offences Wings (EOW) of the Delhi and Haryana Police, based on complaints by hundreds of aggrieved homebuyers. The federal agency invoked the Prevention of Money Laundering Act (PMLA) to attach the assets, citing diversion of buyer funds, failure to deliver projects, and prolonged project delays.
The assets provisionally attached include plotted colonies measuring approximately 226 acres in Sectors 37D, 92, and 95 of Gurugram, developed as part of the Ramprastha City township. In addition, about 1,700 acres of land located in Basai, Gadoli Kalan, Hayatpur, and Wazipur villages have also been attached. The combined value of these properties has been estimated at ₹681.54 crore.
The ED said its probe revealed that between 2008 and 2011, RPDPL launched several residential projects—namely Project Edge, Project Skyz, Project Rise, and parts of Ramprastha City—with wide-scale advertising and collection of customer advances. However, despite collecting approximately ₹1,100 crore from more than 2,000 homebuyers, the promoters and directors of the company allegedly failed to deliver the promised homes and instead diverted funds to other group entities.
Funds collected for project development were reportedly transferred as advances to group companies, which used the money to purchase land or invest in unrelated businesses, bypassing construction obligations. This misappropriation of buyer funds led to multi-year delays, with most customers still waiting for possession after 14 to 17 years.
The ED named key individuals in the investigation, including company promoters Arvind Walia, Balwant Chaudhary, and Sandeep Yadav, alleging their involvement in financial mismanagement and diversion of public funds. As of now, no formal statement has been issued by the company or its directors in response to the ED's action.
This case adds to a growing list of real estate firms in the Delhi-NCR region facing enforcement action for financial irregularities and stalled housing projects. In a similar move last month, the ED attached assets worth over ₹2,300 crore of another real estate group operating across Delhi and Noida.
The investigation highlights persistent challenges in the sector, where thousands of homebuyers remain stuck in delayed or abandoned projects, despite making full or near-complete payments over a decade ago. Legal battles continue in consumer forums and regulatory bodies, with homebuyers seeking compensation or forced project completion through court-monitored mechanisms.
The ED has confirmed that further investigations are ongoing. These will focus on tracing additional assets, examining related financial transactions, and identifying any additional violations under PMLA or other regulatory frameworks. The agency is also evaluating whether other associates or entities were complicit in the fund diversion.
Image source- enforcementdirectorate.gov.in
