New Delhi, February 27 – The Enforcement Directorate (ED) conducted searches at multiple locations across Delhi-NCR on Thursday as part of a money laundering investigation involving two major real estate firms—WTC Builder and Bhutani Group—along with their promoters, officials said.
The searches, carried out under the Prevention of Money Laundering Act (PMLA), targeted around a dozen premises in Delhi, Noida, Faridabad, and Gurugram. The action was primarily focused on WTC Builder’s promoter Ashish Bhalla and the Bhutani Group, sources confirmed.
The investigation is linked to multiple First Information Reports (FIRs) lodged by the Faridabad Police and Delhi Police's Economic Offences Wing (EOW). Authorities allege that WTC Builder has amassed over ₹1,000 crore from investors without delivering on its promised real estate projects over the past 10-12 years. The group has various projects in Faridabad, Noida, and other locations.
While WTC Builder was unavailable for comment, a response from the Bhutani Group was still awaited at the time of this report.
The ED’s crackdown signals intensified scrutiny over real estate developers accused of financial fraud, particularly those failing to deliver projects despite substantial investments from homebuyers and investors.
