New Delhi, March 3: The Enforcement Directorate (ED) has uncovered assets worth thousands of crores of rupees during raids conducted against prominent real estate firms WTC Group and Bhutani Group. Searches under the Prevention of Money Laundering Act (PMLA) were carried out on February 27 across a dozen locations in Delhi-NCR, including Delhi, Noida (Uttar Pradesh), and Faridabad and Gurugram in Haryana.
Major Crackdown on Real Estate Giants
The ED targeted WTC Group and its promoter Ashish Bhalla, alongside Bhutani Group and its promoter Ashish Bhutani, following multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police and Faridabad Police. The FIRs, which named WTC Group promoters Ashish Bhalla, Suparna Bhalla, Abhijeet Bhalla, and Bhutani Infra, accused them of cheating, fraud, and criminal breach of trust against hundreds of homebuyers and investors.Allegations of Ponzi Scheme and Fraudulent Practices
According to the ED, promoters of WTC Faridabad Infrastructure Pvt Ltd allegedly lured buyers into investing in residential plots located at Sectors 111-114 in Faridabad. However, the investors were defrauded as the promoters failed to deliver these plots even after 10 years, siphoning off buyers' hard-earned money.The FIRs further alleged that Bhutani Infra had acquired WTC Group and re-launched the same Faridabad project. Investors were reportedly pressured into surrendering their units, leaving them in disarray and at significant financial loss.
Massive Fund Diversion Unearthed
The ED discovered documents indicating the collection of over ₹3,500 crore from investors across 15 projects in the Delhi-NCR region, with very few units actually delivered. The agency described this as evidence of a "well-orchestrated Ponzi scheme."Further investigations revealed a diversion of more than ₹200 crore to entities in Singapore and the USA, suggesting overseas asset acquisitions.
Additionally, documents seized indicated that assets with market values amounting to thousands of crores had been transferred to Bhutani Group at significantly undervalued prices, allegedly representing proceeds of crime.
Incriminating Documents and Assets Seized
The ED seized numerous incriminating documents related to cash transactions, diversion, and layering of funds, along with property documents, sale and registration deeds, laptops, and hard drives. Fixed deposits belonging to WTC Group companies were frozen, and jewellery and bullion worth ₹1.5 crore were also confiscated.Bhutani Infra Responds; WTC Silent
Responding to the raids, Bhutani Infra clarified that it had recently severed all ties with the WTC Group and affirmed full cooperation with the ED investigation. However, WTC Group has yet to issue any statement regarding the ongoing investigation.The ED stated that its investigations remain active, with significant focus on further tracing assets and funds connected to the alleged financial crimes.
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