Lagatar24 Desk
New Delhi: The Enforcement Directorate (ED) has arrested Ashish Bhalla, the promoter of Delhi-NCR-based real estate firm WTC, in connection with a money laundering case linked to homebuyers’ funds. His arrest, made under the Prevention of Money Laundering Act (PMLA) on Thursday, follows an extensive investigation into financial irregularities involving thousands of investors.
Fraudulent Fund Diversion & Shell Companies
Authorities claim that WTC misappropriated depositors’ funds, which were initially collected by promising guaranteed returns on plots and commercial spaces. These funds were then allegedly transferred to shell companies, reportedly used for land acquisitions.
Further, the ED investigation revealed that significant amounts were siphoned off to entities in Singapore, which are beneficially owned by Bhalla’s family members.
₹3,000 Crore Scam Across Multiple States
The WTC group reportedly accumulated over ₹3,000 crore from investors across Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, and Punjab.
On February 27, the ED conducted raids at WTC Group premises, targeting Ashish Bhalla, Bhutani Group, and its promoter Ashish Bhutani. During the raids, Bhalla allegedly evaded authorities and discouraged key individuals from cooperating in the probe.
The ED has now identified Bhalla as the main orchestrator of fraudulent activities and the primary beneficiary of illegal gains.
FIRs & Legal Proceedings
The ED’s money laundering investigation originates from multiple FIRs filed by the Delhi Police Economic Offences Wing and Faridabad Police. These FIRs name WTC promoters, including Ashish Bhalla, Suparna Bhalla, Abhijeet Bhalla, and Bhutani Infra, alleging large-scale fraud against homebuyers.
According to these police complaints:
• WTC Faridabad Infrastructure Pvt Ltd lured buyers into investing in their Sector 111-114 residential plot project.
• The project was not completed within the promised timeframe, leaving buyers without their plots for over a decade.
• Bhutani Infra’s acquisition of WTC and its relaunch of the project created further uncertainty among buyers, as investors were allegedly forced into unit surrender schemes.
Massive Financial Trail Discovered
During the ED raids, documents revealing ₹3,500 crore in investor funds across 15 Delhi-NCR projects were discovered. Officials also seized incriminating financial records, including:
• Documents detailing fund diversions
• Property papers
• Laptops and hard drives containing crucial evidence
ED Freezes Assets Worth Thousands of Crores
The ED has:
• Frozen fixed deposits belonging to WTC group companies
• Seized jewellery and bullion worth ₹1.5 crore
• Identified assets worth thousands of crores in WTC’s name
Bhutani Infra Denies Involvement
Following Bhalla’s arrest, Bhutani Infra distanced itself from the controversy, stating that it had ended all associations with WTC Group and was fully cooperating with the investigation.
Meanwhile, WTC Group has not issued any official response regarding the allegations.
As the investigation progresses, the ED is expected to track further fund movements and possibly initiate more arrestsin this high-profile real estate scam.
