Gurugram: ED Searches Ramprastha Group Premises in Money Laundering Case

                New Delhi, Sep 4 (PTI) The Enforcement 
Directorate conducted searches at multiple 
locations of real estate company Ramprastha 
Group in Gurugram on Wednesday as part of a 
money 
laundering investigation linked to alleged 
cheating with home buyers, official sources 
said.
     The ED case stems from a clutch of FIRs 
filed by the local police against the company 
by "disgruntled homebuyers for non-fulfilment 
of the promise of handing over the (housing) 
projects to them", the sources said.
     The projects include Ramprastha Rise, 
Ramprastha City and Ramprastha SKYZ 
located in Gurugram, Haryana.
     There was no response to phone calls made 
by PTI to the company.
     ED sources said some promoters of the 
group like Balwant Chaudhary, Arvind Walia 
and Sandeep Yadav have been called for 
questioning but they are yet to join the 
investigation.
     The company said on its website that it 
holds a large land bank in Gurugram with a 
combined development potential of over 80 
million sq. ft.
     "We have successfully sold 8000 dwelling 
units in the region and have a potential to 
reach near 100,000 dwelling units in the days 
to come," the company said.
     The ED action in Haryana comes ahead of 
voting in assembly polls on October 5.

Source : The Economic Time