The Directorate of Enforcement (ED) has arrested three key figures behind Universal Buildwell Pvt Ltd , Raman Puri, Varun Puri, and Vikram Puri , in connection with a long-running real estate fraud case involving hundreds of crores of rupees. The arrests were executed by the Delhi Police and later confirmed by the ED’s Gurugram Zonal Office.
This development brings to light a decade-old case of alleged cheating and fund diversion across multiple real estate projects in the Delhi NCR region. All three individuals had been evading authorities for over seven years and had been declared proclaimed offenders by multiple courts.
The ED launched its investigation under the Prevention of Money Laundering Act (PMLA) after more than 30 FIRs were filed against the company and its promoters. These FIRs alleged that Universal Buildwell failed to deliver promised housing and commercial projects to investors and buyers, most of whom had made advance payments well before 2010. The company is accused of accepting large sums from homebuyers and financial institutions while making repeated promises of timely project completion and assured returns, none of which materialized.
During the course of investigation, it was revealed that Universal Buildwell entered into the Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code. A resolution plan was eventually approved by the National Company Law Tribunal (NCLT), which treated homebuyers as financial creditors and directed that certain assets be handed over to them, while remaining properties would be liquidated. Despite this legal intervention, buyers faced prolonged delays and uncertainty, especially in recovering their investments or receiving possession of allotted units.
The ED’s findings indicate that the promoters of Universal Buildwell had raised over ₹1,000 crore over a period of 12 years across eight key projects in Gurugram and Faridabad. These included Universal Trade Tower, Universal Greens, Universal Business Park, Aura, Universal Square, Market Square, The Pavilion, and Universal Prime.
It is alleged that only a portion of the funds collected was used for actual development, while the rest was misappropriated for personal gains. The promoters are accused of executing forged documents, overselling inventory, and diverting funds to purchase land and other assets through various shell entities.
The resolution professional associated with the CIRP had provided crucial details to enforcement agencies, highlighting suspicious transactions and undervalued asset transfers. These findings prompted the ED to intensify its probe, including forensic examination of financial records and asset trails. According to officials, the arrested individuals also defrauded several banks and non-banking financial companies by misrepresenting the progress and inventory status of their projects.
This arrest adds to the growing list of real estate fraud cases under active investigation across the NCR region. Thousands of homebuyers have been left in limbo for years due to such practices, and many are still awaiting delivery of their homes or refunds. With this development, enforcement authorities are expected to continue tracking assets and move toward recovery and potential restitution for affected buyers and creditors.
Image source- enforcementdirectorate.gov.in
