Delay In Home Delivery: ED Attaches Gurugram Developer's Assets Worth Rs 255 Crore

(MENAFN- IANS) New Delhi, Sep 18 (IANS) A township developer's properties worth Rs 255.28 crore were attached by the ED in connection with cheating and fraud with home buyers who were not delivered the promised houses and plots on time, said an official on Thursday.

The action by Directorate of Enforcement (ED), Gurugram Zonal Office, against Ramprastha Promoters and Developers Pvt Ltd (RPDPL) on Wednesday was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the official said in a statement.

Th investigation agency revealed that RPDPL had collected Rs 1,100 crore from more than 2,600 homebuyers for various projects.

The provisionally attached properties include plots/ lands and residential flats/ commercial buildings of RPDPL, its group companies and Directors/ relative of Directors/ key managerial persons, said the statement.

The official said that the ED initiated investigation on the basis of multiple FIRs registered by Economic Offences Wing (EOW), New Delhi and Haryana Police.

It was alleged in the FIRs that RPDPL and its promoters have cheated/defrauded various home buyers/plot buyers for failing to deliver the promised flats and plots within the promised timeframes which ended 10-14 years ago.

The ED investigation revealed that RPDPL launched various projects such as Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project) in Sectors 37D, 92, 93 and 95, Gurugram in 2008-2011 and possessions of flats/plotted lands was promised within 3-4 years of launch. However, the company failed to meet the deadlines.

Th ED investigation revealed that RPDPL had collected Rs 1,100 crore from more than 2,600 homebuyers for the said projects.

The Promoters/Directors of RPDPL diverted hundreds of crores collected from homebuyers to its group companies as advances for purchase of land parcels instead of using the same for completion of promised homes which ultimately led to failure to deliver the flats and plots till date, said the ED.

Earlier in this case, the ED had arrested Arvind Walia and Sandeep Yadav, both Directors and majority shareholders of RPDPL on July 21 under the provisions of PMLA, 2002. Both the arrested persons are in judicial custody.

Moreover, the ED had conducted search operations and issued a Provisional Attachment Order resulting into attachment/freezing of various bank balances, movable assets, immovable properties of RPDPL, its group companies and directors/relative of Directors amounting to Rs 572.21 crore. The total attachment/seizure in this case till date stands at Rs. 827.49 crore, the ED said.

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