ED Arrests 2 Vatika Promoters In Laundering Case

Anil Bhalla, chairman and managing director, and Gautam Bhalla, a promoter of Vatika Limited, were arrested on September 28 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002.

They were produced before a special PMLA court in Gurugram on Tuesday and remanded in ED custody until October 3, the agency said.

The investigation stems from an FIR registered by Delhi Police’s Economic Offences Wing against the Gurugram-based group and its promoters, alleging fraudulent inducement, non-delivery of residential plots and related offences.

The ED alleged that Anil Bhalla “personally supervised” key decisions relating to the transactions under investigation. Gautam Bhalla executed important agreements, held directorships in the group’s land-owning entities, exercised control over them and continued to manage their operations, it said.

“The material collected shows that major decisions were taken jointly by these two persons,” the agency said.

According to the ED, seven purchasing entities paid about Rs 260 crore upfront to Vatika Limited between 2010 and 2012, covering the entire sale consideration for residential plots in Vatika India Next, in Sectors 84 and 85, and Vatika India Next-2, in Sector 88A, Gurugram.

Plot-wise agreements were executed in 2014 and 2015. The project layouts were subsequently revised, the allotted plots were renumbered or relocated, and project land continued to be allotted and sold to other purchasers, the agency alleged.

It said none of the plots covering about 1.10 lakh square yards, purchased for Rs 90 crore in Vatika India Next-2, had been delivered even after about 14 years. Delivery in Vatika India Next had been only partial.

“Thus, substantial portions of the plots comprising value of approximately Rs 140.73 crore remain undelivered even today,” the ED alleged.