New Delhi, May 5 (IANS) The Directorate of Enforcement’s (ED) Gurugram Zonal Office has provisionally attached immovable properties valued at Rs. 2,348 crore under the provisions of the Prevention of Money Laundering Act (PMLA), in connection with a massive real estate fraud involving WTC Faridabad Infrastructure Pvt. Ltd and other entities of the WTC group, headed by businessman Ashish Bhalla, according to an official statement issued on Monday.
The attached assets include approximately 159 acres of licensed and unlicensed land, along with unsold real estate inventory across Delhi-NCR, including Gurugram, Faridabad, and Noida, as well as residential properties in Goa. Some commercial premises in Delhi-NCR have also been attached, the statement said.
The attached properties have been identified as direct proceeds of crime.
The ED initiated the investigation against the WTC group on the basis of more than 30 FIRs registered by the Faridabad police, the Delhi Police’s Economic Offences Wing, and other law enforcement agencies under various sections of the IPC pertaining to offences including cheating, fraud, and criminal conspiracy.
The ED investigation revealed that over 12,000 investors were duped by Bhalla and his group companies through a well-orchestrated scheme of promising assured returns on investments in plots and commercial spaces under the WTC brand.
More than Rs. 2,700 crore was collected from investors across multiple states including Haryana, Uttar Pradesh, Punjab, and Chandigarh. However, a significant portion of these funds was diverted and siphoned off by Ashish Bhalla and never used for real estate development.
Additionally, a substantial amount was illegally transferred abroad to entities based in Singapore, which are beneficially owned by Bhalla’s close family members.
The ED conducted search operations on February 27, 2024, during which Bhalla absconded and attempted to influence key witnesses. He was subsequently arrested on March 6, 2025, to prevent him from obstructing the investigation and tampering with evidence.
Further investigation is in progress in the case, the statement added.
–IANS
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