The Enforcement Directorate has arrested three key promoters of Universal Buildwell Pvt. Ltd. in connection with a massive real estate fraud case. The trio, Raman Puri, Varun Puri, and Vikram Puri, had been evading court summons for the past seven years and had been declared proclaimed offenders in multiple cases. They were recently apprehended by the Delhi Police and taken into ED custody on July 22.
All three were produced before the Special PMLA Court in Gurugram, which remanded them to ED custody until July 29.
The ED’s probe stems from over 30 FIRs registered against the company and its directors across various police stations in Delhi-NCR. They are accused of duping hundreds of buyers by collecting funds for flats and commercial properties that were never completed.
Over ₹1,000 Crore Collected, Projects Left Incomplete
Most of the funds were collected before 2010, but buyers are yet to receive their properties. The company eventually entered insolvency proceedings, and the National Company Law Tribunal (NCLT) directed that some units be handed over to homebuyers, while the remaining assets were put up for liquidation.
Investigations revealed that the promoters had raised over Rs 1,000 crore across eight major projects in Gurugram and Faridabad, including Universal Trade Tower, Universal Greens, Aura, Universal Business Park, Universal Square, Market Square, The Pavilion, and Universal Prime.
Fake Documents, Dual Sales, And Bank Frauds
The ED has alleged that only a small portion of the collected money was actually spent on development. The rest was diverted for private land deals, luxury property purchases, and personal gains.
The accused also allegedly prepared fake documents to secure bank loans and sold some properties multiple times using forged agreements. They misled both banks and investors, and lured people through “assured return” schemes.
The ED is now conducting a deeper probe into the network and suspects that more individuals may be involved in the scam. Data from the resolution professional is also being examined as part of the investigation.
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