What Happened with WTC Group’s Properties Worth Rs 2,348 Crore?
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Synopsis
The ED has provisionally attached properties worth Rs. 2,348 crore linked to WTC Faridabad, revealing a major real estate fraud led by Ashish Bhalla. This case has affected thousands of investors and highlights serious allegations of money laundering and misappropriation of funds.
Key Takeaways
- ED has attached properties worth Rs. 2,348 crore.
- Over 12,000 investors were affected by the fraud.
- Ashish Bhalla is the key figure in the case.
- Investigation linked to multiple FIRs under IPC.
- Funds misappropriated and diverted abroad.
New Delhi, May 5 (NationPress) The Directorate of Enforcement’s (ED) Gurugram Zonal Office has provisionally attached immovable assets valued at Rs. 2,348 crore under the provisions of the Prevention of Money Laundering Act (PMLA), relating to a significant real estate fraud involving WTC Faridabad Infrastructure Pvt. Ltd and other entities of the WTC group, led by businessman Ashish Bhalla, as stated in an official announcement released on Monday.
The properties seized encompass around 159 acres of both licensed and unlicensed land, in addition to unsold real estate inventory throughout Delhi-NCR, including areas such as Gurugram, Faridabad, and Noida, along with residential properties located in Goa. The statement also mentioned the attachment of several commercial premises in Delhi-NCR.
These properties have been identified as direct proceeds of crime.
The ED's investigation into the WTC group commenced based on over 30 FIRs filed by the Faridabad police, the Economic Offences Wing of the Delhi Police, and other law enforcement bodies, under various sections of the IPC. These pertain to offences such as cheating, fraud, and criminal conspiracy.
Findings from the investigation revealed that more than 12,000 investors were misled by Bhalla and his associated companies through a carefully planned scheme that promised assured returns on investments in plots and commercial spaces branded under WTC.
Over Rs. 2,700 crore was raised from investors across multiple states, including Haryana, Uttar Pradesh, Punjab, and Chandigarh. A significant portion of these funds, however, was misappropriated by Ashish Bhalla and was not utilized for real estate development.
Additionally, a considerable amount was illegally transferred overseas to entities in Singapore, which are beneficially owned by Bhalla’s close family members.
On February 27, 2024, the ED executed search operations during which Bhalla fled and attempted to influence key witnesses. He was later apprehended on March 6, 2025, to prevent him from obstructing the investigation and tampering with evidence.
The statement concluded with a note that further investigation is currently underway in this case.
Point of View
I believe it is vital to provide our audience with transparent and factual reporting. The ED's actions against the WTC group underline the importance of accountability in the real estate sector, especially for safeguarding the interests of investors. We will continue to monitor this situation closely, ensuring our reporting remains accurate and unbiased.
NationPress
24/07/2025
Frequently Asked Questions
What is the value of the properties attached by the ED?
The ED has provisionally attached properties valued at Rs. 2,348 crore.
Who is the businessman involved in this case?
The case involves businessman Ashish Bhalla, who heads the WTC group.
How many investors were affected by this fraud?
Over 12,000 investors were reportedly duped in this scheme.
What actions were taken by the ED?
The ED has attached properties and is conducting an ongoing investigation into the fraud.
What law is being enforced in this case?
The provisions of the Prevention of Money Laundering Act (PMLA) are being enforced.
