Chandigarh: Promoters of Universal Buildwell Arrested for Massive Real Estate Fraud
The Directorate of Enforcement (ED) in Gurugram has arrested Raman Puri, Varun Puri, and Vikram Puri, the former directors of Universal Buildwell Pvt Ltd, for their involvement in a significant real estate fraud. The trio had been absconding for over seven years and were declared proclaimed offenders.
Real Estate FraudUniversal BuildwellPuri BrothersEdHomebuyersReal Estate NewsJul 23, 2025
The special PMLA court in Gurugram remanded the trio into ED custody until July 29. The ED initiated an investigation into the case based on more than 30 FIRs registered under various sections of the Indian Penal Code (IPC) across the Delhi NCR region. The FIRs were filed 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 homebuyers and investors of their hard-earned money.
The company was taken to the Corporate Insolvency Resolution Process (CIRP), which resulted in a resolution plan for homebuyers and other financial contributors. The National Company Law Tribunal (NCLT) ordered some assets to be delivered to the homebuyers, who were the financial creditors, and the remaining assets to be liquidated. Most of the homebuyers had invested in the project before 2010.
The case stems from the fraudulent mobilization of homebuyers and investors' funds by the accused persons through Universal Buildwell Pvt Ltd. The accused made false promises of completing the project by 2010 and assured returns in commercial projects. They are also accused of cheating various financial institutions through forgery and fraud. The accused reportedly transferred some assets at negligible rates, oversold existing inventory, and executed forged agreements for their personal benefits.
Data collected from the resolution professional revealed that the company, through their accused promoters, collected more than Rs 1,000 crore over 12 years on eight different projects in Gurugram and Faridabad, including Universal Trade Tower, Universal Greens, Universal Business Park, Aura, Universal Square, Market Square, The Pavilion, and Universal Prime. They allegedly utilized only a portion of the funds for development and siphoned off the funds to acquire lands and other assets for their personal gains through criminal misappropriation, cheating, forgery, and fraud.
The arrest of the Puri brothers marks a significant step in the ongoing efforts to bring justice to the numerous homebuyers and investors who have been affected by this massive real estate fraud. The ED and other law enforcement agencies continue to investigate the case to ensure that all those involved are held accountable for their actions.
Frequently Asked Questions
Who were the promoters of Universal Buildwell Pvt Ltd that were arrested?
The promoters of Universal Buildwell Pvt Ltd who were arrested are Raman Puri, Varun Puri, and Vikram Puri.
What was the main charge against the Puri brothers?
The main charge against the Puri brothers is the fraudulent mobilization of homebuyers and investors' funds through false promises and assurances, leading to a significant real estate fraud.
How much money did Universal Buildwell Pvt Ltd allegedly collect from homebuyers and investors?
Universal Buildwell Pvt Ltd allegedly collected more than Rs 1,000 crore over 12 years from homebuyers and investors.
What was the outcome of the Corporate Insolvency Resolution Process (CIRP) for Universal Buildwell?
The CIRP for Universal Buildwell resulted in a resolution plan for homebuyers and other financial contributors, with the National Company Law Tribunal (NCLT) ordering some assets to be delivered to the homebuyers and the remaining assets to be liquidated.
Which law enforcement agency was responsible for the arrest of the Puri brothers?
The Directorate of Enforcement (ED) in Gurugram Zonal Office was responsible for the arrest of the Puri brothers.
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