The ED investigation is based on more than 30 first information reports (FIRS) registered against the company and its collaborators for allegedly not completing several real estate projects in time and for cheating Homebuyers and investors. File. | Photo Credit: PTI
The Directorate for enforcement (ED) arrested three persons in connection with the alleged real estate fraud concerning the Universal Buildwell Private Limited.
The accused – Raman Puri, Varun Puri and Vikram Puri – are promoters and former Directors of Universal Buildwell. According to the agency, “the escape from the summons of more than seven years have been declared declared as perpetrators by various courts in predictive matters and were then detained by the Police Delhi”.
The ED investigation is based on more than 30 first information reports (FIRS) registered against the company and its collaborators for allegedly not completing several real estate projects in time and for cheating Homebuyers and investors.
The company was carried out through procedural proceedings on the solution of the company insolvency solution culminating in the plan of the resolution. The National Company Law Tribunal (NCLT) has ordered some assets to be handed over to the Homebuyer, while the rest should be liquidated.
Most of the Homebuyers reportedly invested their funds before 2010. “The case stems from fraudulent mobilization of Homebuyers/investors by accused persons through Universal Buildwell PVT.
According to the agency, the data provided by the Professional for Resolution showed that the company has collected over 12 years in 12 years in the Gurrogram and Faridabad over 12 years in 12 years.
These projects include Universal Trade Tower, Universal Greens, Universal Business Park, Aura, Universal Square, Market Square, Pavillion and Universal Prime. Ed claimed that only part of the collected funds were used to develop, while the remaining amounts were diverted to obtain land and other personal profit assets.
Published – 23 July 2025 22:37
