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The Enforcement Directorate has attached assets worth about INR 153.16 crore linked to the former promoters of Universal Buildwell Pvt. Ltd. as part of a money laundering probe. The move follows allegations that the company diverted over INR 1,000 crore collected from homebuyers and investors across projects in Gurugram and Faridabad. While the promoters remain in custody, the firm is under insolvency proceedings and buyers who have waited more than 15 years are still awaiting possession of incomplete projects.
The Enforcement Directorate (ED) recently attached movable and immovable properties worth approximately INR 153.16 crore belonging to Universal Buildwell's ex-promoters and their associated firms. These assets include 29.45 acres of land in Behror, Rajasthan, multiple commercial units in Gurugram's Universal Trade Tower, and a fixed deposit of INR 3.16 crore. The action was taken under provisions of the Prevention of Money Laundering Act (PMLA), soon after adjudicating authorities confirmed the charges. Advertisement
The case stems from over 30 FIRs filed across Delhi NCR against Universal Buildwell and its promoters-Raman Puri, Vikram Puri, and Varun Puri-accusing them of cheating, forgery, and failing to deliver projects despite collecting huge sums from homebuyers. The trio were arrested earlier this year under PMLA and remain in judicial custody.
Following their arrest, the company entered the Corporate Insolvency Resolution Process (CIRP). Under the resolution plan, homebuyers were recognized as financial creditors and allotted certain assets, while the remainder of the company was set for liquidation. However, most projects, many of which date back to investments made before 2010, remain incomplete. Experts note that even with attached assets, significant additional funding will be required to finish construction and hand over units to buyers.
According to data compiled by the resolution professional, Universal Buildwell collected more than INR 1,000 crore over 12 years from eight projects in Gurugram and Faridabad. Investigators allege that instead of investing these funds into project development, the promoters diverted large portions to acquire land and personal assets, leaving projects stalled for over a decade.
The ED's probe continues, and this attachment marks a crucial step in holding developers accountable for long-running financial mismanagement in the real estate sector.
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