New Delhi, Jul 21 (PTI) The Enforcement Directorate on Monday arrested Sandeep Yadav and Arvind Walia, promoters of realty company Ramprastha Group, as part of a money laundering investigation linked to an alleged Rs 1,100 crore fraud with homebuyers, official sources said.

The arrests came after the Gurugram zonal office of the federal probe agency raided their premises early morning apart from some others in the national capital region (NCR).

The two are directors and majority shareholders in Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL). They have bene taken into custody under the Prevention of Money Laundering Act (PMLA), they said.

It is alleged that RPDPL collected about Rs 1,100 crore from more than 2,000 homebuyers for various housing schemes like Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project). The possession of the flats or plots is yet to be given even after 15-20 years, the sources said. PTI NES NES DV DV

Money laundering investigation prompts arrests of realty promoters over alleged long running homebuyer fraud and non delivery of possession. A money laundering investigation under the Prevention of Money Laundering Act led to raids and the arrest of two director promoters after allegations that the developer collected substantial sums from over two thousand homebuyers across multiple projects and failed to deliver possession for many years.