ED Investigates Ramprastha Promoters in Gurugram for Money Laundering
Survey Conducted by ED
The Directorate of Enforcement (ED) from the Gurugram Zonal Office conducted a survey on September 4 under the Prevention of Money Laundering Act (PMLA), 2002. The survey targeted Ramprastha Promoters and Developers Pvt. Ltd. and others at their Gurugram location.
Reason for Investigation
The ED started the investigation based on multiple FIRs filed by Haryana Police and the Economic Offences Wing (EOW) in New Delhi. The FIRs alleged that Ramprastha Promoters & Developers and its promoters had convinced potential homebuyers to purchase residential units in their Gurugram projects from FY 2006 to FY 2016. However, the customers did not receive possession of their homes even after many years, and the projects remained incomplete.
Allegations and Findings
The allegations include diversion of funds and non-completion of projects like Ramprastha’s Rise, City, SKYZ, and others. During the survey under section 16 of PMLA, 2002, the owners and promoters, including Balwant Singh and Sandeep Yadav, did not participate in the proceedings. The survey led to the collection of various documents, digital evidence, and books of accounts useful for the ongoing investigation.
Impact on Customers
More than 1,000 customers who invested over Rs 500 Crore in different projects have been identified. These customers have not received their bookings despite making full or most of the payments more than 4-5 years ago.
Doubts Revealed
ED -: ED stands for the Directorate of Enforcement. It is a government agency in India that investigates financial crimes like money laundering.
Gurugram -: Gurugram, also known as Gurgaon, is a city near New Delhi in India. It is known for its modern buildings and business hubs.
Money Laundering -: Money laundering is when people try to hide where their money really came from, usually because it was earned illegally.
Prevention of Money Laundering Act (PMLA), 2002 -: The Prevention of Money Laundering Act (PMLA), 2002 is a law in India that helps the government catch and punish people who are involved in money laundering.
Ramprastha Promoters and Developers Pvt. Ltd. -: Ramprastha Promoters and Developers Pvt. Ltd. is a company that builds homes and other buildings. In this case, they are being investigated for not delivering homes to people who paid for them.
FIRs -: FIR stands for First Information Report. It is a document prepared by the police in India when they receive information about a crime.
Residential units -: Residential units are homes or apartments where people live. In this case, the company did not give these homes to the people who paid for them.
Survey -: In this context, a survey means an investigation or inspection by the authorities to collect evidence.
Digital evidence -: Digital evidence includes information stored on computers, phones, or other electronic devices that can help in an investigation.
Promoters -: Promoters are people who start and manage a company. In this case, they are the ones being investigated for not delivering the homes.