Ed arrests Ashish Bhalla from WTC Group in case of real estate fraud

The Directorate of Application (ED) arrested Ashish Bhalla, the promoter of the WTC group, days after several state raids in relation to an alleged real estate fraud, the people familiar with the development said.

Agency claimed that the WTC group has collected more than ₹3,000 crores from various investors from several states such as Haryana, Uttar Pradesh, Chandigrah, Ahmadabad, Punjab, etc., for 15 projects in Delhi NCR, but the probe revealed that very few were delivered.

“Ed’s gurugram office arrested on Ashish Bhalla, the WTC Group promoter in accordance with the provisions of the Law on money laundering (PMLA) in the case of real estate fraud and after thousands of investors of their money through well -planned conspiracy. During the investigations, it was revealed that, after the promises of profitability insured in exchange for their investments against the plot or commercial space, the funds were diverted and siphoned to several peel companies to purchase land in various locations, ”said an official of the Higher Agency.

“Research also revealed that hundreds of crores were also deviated abroad to suspicious entities in Singapore whose beneficial property is with members of the Ashish Bhalla family. Additional investigations revealed that WTC Group has collected more than ₹3,000 crores from various investors from several states such as Haryana, Up, Chandigrah, Ahmadabad, Punjab, etc., added the officer.

On February 27, ED teams made raids in 12 locations, including Delhi, Faridabad and other places in the NCR.

“During the attacks, Ashish Bhalla remained abundant and induced key people against cooperation. He remained abandoned for a few days in trying to frustrate the procedures under PMLA. It was revealed that he is a beneficiary -a cheer and a mind of the fraudulent activities of the group and has obtained illegal earnings through the scheme, ”said a second official ed.

He was arrested on Thursday and was produced before a Gurigram court, which withdrew in Ed’s custody for six days.

Ed samples in the matter is based on dosens of first registered by the economical offenses (EOW) of Delhi and Faridabad Police on the Basis of Complaints from Hundreds of Homebuyers and Investors Against WTC Group and Its Promoters – Ashish Bhalla, Suparna Bhalla, Abhijeet Bhalla, BHUTANI Infra and Others for Cheating, criminal Breach of Trust and Fraud Against Hundreds of home buyers by companies/persons accused.

The wires claim that WTC Faridabad Infrastructure Private Limited and its promoter have attracted people or buyers to invest in their project in Sector 111-114 in Faridabad for residential plots.

“The promoters/directors hatched a criminal conspiracy and siphoned the money earned with the buyers of plotting, without completing the project during the established time and non-liviting the plots to the buyers of more than 10 years. It was also claimed that Bhutani Infra Group purchased the WTC group and relaunched the project from Sector 111-114 Faridabad, keeping buyers in disarray and committing investors and attracting them to teach the units, “ED said on a statement on March 3.

Said that documents related to collecting funds more than ₹3,500 crores from various investors were found against 15 projects in the Delhi/NCR region.

“Of the 15 major projects that were undertaken by the group, very few deliveries have been granted, indicating a well -orchestrated ponz scheme and creating assets on behalf of other entities and siphoning funds abroad. Moreover, it was revealed during the search action that more than ₹200 crores were siphoned in Singapore and the US, indicating overseas investments for the purchase of overseas assets, ”he added.