Directorate of Enforcement (ED), Gurugram Zonal Office, has arrested Raman Puri, Varun Puri and
Vikram Puri, Promoters and ex Director of M/s Universal Buildwell Pvt. Ltd., on 22.07.2025 under the
provisions of Prevention of Money Laundering Act (PMLA), 2002 in a real estate fraud case. The arrested
accused were absconding from Court summons for more than 7 years and were declared proclaimed
offenders by various courts in predicate matters and were subsequently apprehended by Delhi Police. Earlier
in the day, the accused were produced before the Hon’ble. Special Court, Gurugram on the strength of a
production warrant issued by the Hon’ble Court. The accused have been remanded to ED custody till
29.07.2025.
ED initiated investigation on the basis of more than 30 FIRs registered under various sections of IPC,
1860 across Delhi NCR against M/s Universal Buildwell Pvt. Ltd., Raman Puri, Vikram Puri and Varun Puri
for failing to complete real estate projects on time and cheating the homebuyers/investors of their hard-earned
money. The company was taken to CIRP proceedings which resulted in resolution plan of homebuyers/other
FCs being accepted and NCLT ordering some assets to be delivered to the homebuyers who were the
financial creditors and remaining assets to be liquidated. Most of the home buyers had invested their funds
before 2010 and it would take further time for homebuyers to see their flats/spaces to be taken to possession
due to the non-completion of projects by the ex promoters, who stalled construction since 2010. The case
stems from the fraudulent mobilization of home buyers/investors funds by the accused persons through
Universal Buildwell Pvt. Ltd., based on false promises of completing the project by 2010 and also promised
assured returns in commercial projects. The arrested persons are also accused of cheating various financial
institutions through forgery and fraud. They had also transferred some assets at negligible rates, oversold on
existing inventory, executed forged agreements for their personal benefits.
In this matter, data collected from the resolution professional has revealed that the company through
their accused promoters collected more than Rs.1000 Crore spread over 12 years on eight different projects
in Gurugram and Faridabad, namely Universal Trade Tower, Universal Greens, Universal Business Park,
Aura, Universal Square, Market Square, The Pavillion and Universal Prime, and have utilized only part funds
for development, and siphoned off the funds to acquire the lands and other assets for their personal gains
through criminal misappropriation, cheating, forgery and fraud.
