The Enforcement Directorate has arrested Ashish Bhalla, promoter of WTC Group, on money-laundering charge in connection with a ₹3,000-crore ‘real estate fraud’ case in which thousands of investors were cheated of their hard-earned money.
According to the agency, people were duped on the false promise of assured returns in exchange for their investment against plot/commercial space, and the funds so raised were diverted and siphoned off to several shell companies to acquire land parcels at various locations.
The ED probe revealed that hundreds of crores were also transferred allegedly to suspicious entities in Singapore whose beneficial ownership is with the family members of Mr. Bhalla. “Further investigation has revealed that WTC Group had collected more than ₹3,000 crore from various investors from different parts of the country, including Haryana, Uttar Pradesh, Chandigarh, Ahmadabad, and Punjab,” said an official.
Earlier on February 27 last year, the ED conducted searches, during which Mr. Bhalla allegedly remained absconding for several days and “induced key persons” into not cooperating with the investigation.
“…he is a key beneficiary and mastermind of the fraudulent activities of the group and has made unlawful gains through the scheme. Ashish Bhalla was arrested on March 6 for custodial interrogation and a special Gurugram court granted his six-day custody to the ED,” the official said.
Published – March 07, 2025 02:02 pm IST
