ED Attaches Assets Worth Rs 2,348 Crore Of WTC Group
The money laundering investigation stems from over 30 FIRs registered by the Faridabad Police in Haryana and the Economic Offences Wing of the Delhi Police.
NEW DELHI: The Enforcement Directorate (ED) on Monday announced that it has attached hundreds of acres of land and unsold real estate inventory in the Delhi-NCR region, along with residential units in Goa, valued at ₹2,348 crore. The action was taken as part of a money laundering investigation against WTC Faridabad Infrastructure Private Limited and other entities of the WTC Group.
The Central agency stated that the attachments were made in connection with a “massive real estate fraud involving WTC Faridabad Infrastructure Private Limited and other entities of the WTC Group, headed by Ashish Bhalla.” A provisional attachment order was issued under the provisions of the Prevention of Money Laundering Act (PMLA).
The attached assets include approximately 159 acres of licensed and unlicensed land, unsold real estate inventory across Delhi, Gurugram, Faridabad, and Noida, residential properties in Goa, and commercial premises in the Delhi-NCR region.
The money laundering investigation stems from over 30 FIRs registered by the Faridabad Police in Haryana and the Economic Offences Wing of the Delhi Police. The complaints allege cheating, fraud, and criminal conspiracy by the company and its promoters.
According to the ED, more than 12,000 investors were defrauded by Bhalla and his group companies through a “well-orchestrated” scheme, which promised assured returns on investments in plots and commercial properties under the WTC brand. Over ₹2,700 crore was reportedly collected from investors across Haryana, Uttar Pradesh, Punjab, and the Union Territory of Chandigarh.
However, a “significant” portion of the funds was allegedly diverted and siphoned off by Bhalla without being used for real estate development. The agency further claimed that a substantial amount was illegally transferred to entities based in Singapore, which are “beneficially owned” by Bhalla’s close family members.
Ashish Bhalla was arrested by the ED in March as part of the ongoing investigation.
