ED cracks down on real estate scam; promoters of Universal Buildwell held
The ED’s investigation stems from over 30 FIRs registered against the company and its associates, primarily for failing to deliver promised real estate projects and allegedly cheating hundreds of homebuyers.
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The Enforcement Directorate (ED) has arrested three promoters of Universal Buildwell Private Limited in connection with a multi-crore real estate scam that allegedly defrauded homebuyers and investors across projects in Gurugram and Faridabad.
The arrested individuals — Raman Puri, Varun Puri, and Vikram Puri — were reportedly absconding for more than seven years and had been declared proclaimed offenders by various courts. They were finally apprehended by the Delhi Police, the ED confirmed in a statement.
The ED’s investigation stems from over 30 FIRs registered against the company and its associates, primarily for failing to deliver promised real estate projects and allegedly cheating hundreds of homebuyers. The agency stated that the accused fraudulently mobilized funds from investors and buyers on false promises of assured project delivery and high returns, many of which date back to pre-2010 investments.
The realty firm was undergoing Corporate Insolvency Resolution Process (CIRP), and the National Company Law Tribunal (NCLT) had directed partial asset handover to affected homebuyers, while the rest were to be liquidated. Despite the proceedings, the ED claims that diverted funds were used to purchase land and personal assets unrelated to the development projects.
According to information obtained from the resolution professional, Universal Buildwell amassed over ₹1,000 crore across eight key projects: Universal Trade Tower, Universal Greens, Universal Business Park, Aura, Universal Square, Market Square, The Pavilion, and Universal Prime. However, the agency alleges that only a fraction of these funds were actually invested in construction and infrastructure.
The ED is continuing with its probe under the Prevention of Money Laundering Act (PMLA), focusing on fund diversion and asset recovery. The arrests mark a significant move in holding real estate defaulters accountable amid rising concerns over buyer protection in India’s property sector.
