The BRICS TimesThe Gurugram zonal unit of the Enforcement Directorate has seized immovable and movable assets worth ₹153.16 crore from M/s Universal Buildwell Private Limited, its group entities, former promoters, and close associates under the provisions of PMLA 2002.
ED Seizes Assets Worth ₹153.16 Crore
The Enforcement Directorate (ED) Gurugram zonal team carried out a significant crackdown in a major fraud case. Officials seized immovable and movable assets worth ₹153.16 crore belonging to M/s Universal Buildwell Private Limited, its group companies, former promoters, and their key associates. The confiscated properties include 29.45 acres of land in Behror, Kotputli (Rajasthan), several units inside Universal Trade Tower in Gurugram’s Sector-49, and fixed deposits valued at ₹3.16 crore.
Action Under PMLA Provisions
This major action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, through a provisional attachment order dated 17 September 2025. ED also filed a prosecution complaint in the Special PMLA Court, Gurugram, on 19 September 2025, naming the arrested former promoters and their close associates as accused.
Probe Initiated on More Than 30 FIRs
The investigation began after over 30 FIRs were registered against M/s Universal Buildwell Private Limited and its promoters — Raman Puri, Vikram Puri, and Varun Puri — under multiple sections of the Indian Penal Code, 1860. These FIRs accused the promoters of cheating investors and homebuyers, causing financial losses, and failing to deliver real estate projects on time.
Accused in Judicial Custody
ED arrested all three promoters and former directors of M/s Universal Buildwell Private Limited on 22 July 2025 under PMLA, 2002. They are currently in judicial custody. Later, the company was taken into Corporate Insolvency Resolution Process (CIRP), which resulted in the approval of a resolution plan involving homebuyers and other financial creditors. The National Company Law Tribunal (NCLT) ordered certain assets to be handed over to homebuyers while the rest were set for liquidation.
Projects Remain Unfinished
Despite homebuyers waiting for over 15 years, the approved resolution requires them to bear extra financial costs to secure their investments. Most buyers had invested before 2010, but the delay continues as the projects remain incomplete. The promoters had stopped construction in 2010, causing years of uncertainty for buyers who still await possession of their flats.
ED Investigation Continues
Data collected from the resolution professional revealed that the company collected more than ₹1,000 crore over 12 years through eight projects in Gurugram and Faridabad. However, only a small fraction of the funds were used for construction. The accused promoters allegedly diverted money through forgery, fraud, and criminal manipulation to acquire land and assets for personal gain. ED has confirmed that further investigation in this case is still underway.
