ED identifies assets worth thousands of crores in searches against 2 realty firms WTC Group & Bhutani Group

ED identifies assets worth thousands of crores in Bhutani & WTC Group probe The Enforcement Directorate (ED) Monday said it has identified assets worth thousands of crores of rupees following searches in Delhi-NCR against realty firm WTC Group and Bhutani Group. The raids were conducted on February 27 at a dozen locations in Delhi, Noida, […] The post ED identifies assets worth thousands of crores in searches against 2 realty firms WTC Group & Bhutani Group appeared first on PGurus.

Mar 3, 2025 - 14:37
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ED identifies assets worth thousands of crores in searches against 2 realty firms WTC Group & Bhutani Group
The police cases were registered on the basis of complaints from "hundreds" of homebuyers and investors

ED identifies assets worth thousands of crores in Bhutani & WTC Group probe

The Enforcement Directorate (ED) Monday said it has identified assets worth thousands of crores of rupees following searches in Delhi-NCR against realty firm WTC Group and Bhutani Group. The raids were conducted on February 27 at a dozen locations in Delhi, Noida, and Faridabad and against WTC Group and its promoter Ashish Bhalla, and Bhutani Group and its promoter Ashish Bhutani under the provisions of Prevention of Money Laundering Act (PMLA), the federal agency said in a statement.

The ED said the case stems from dozens of FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police and the Faridabad Police against WTC Group and its promoters Ashish Bhalla, Suparna Bhalla, Abhijeet Bhalla, and Bhutani Infra and others for alleged cheating, criminal breach of trust and committing fraud on hundreds of homebuyers. These police cases were registered on the basis of complaints from “hundreds” of homebuyers and investors.

The Bhutani Infra said in a statement last week that it severed all ties with the WTC Group recently. The ED said the police FIRs say that WTC Faridabad Infrastructure Private Limited and its promoters “lured” the general public to invest in their project at Sector 111-114 of the city for residential plots. The promoters/directors hatched a “criminal conspiracy” and “siphoned off” the plot buyers’ hard-earned money by not completing the project within the stipulated time and “non-delivery” of the plots for more than 10 years, it said.

The agency said in FIRs that the Bhutani Infra group has acquired the WTC Group and has re-launched the project at Sector 111-114 Faridabad, keeping the plot buyers in “disarray” and committing fraud on investors and luring them to “surrender” their units, according to the ED. During the searches, the agency said, documents related to collection of more than Rs.3,500 crore from various investors were found against 15 projects in Delhi-NCR. It was not stated by the ED where these documents were recovered from.

Out of the 15 major projects being undertaken by the WTC Group, very few deliveries have been given “indicating a well-orchestrated Ponzi scheme” and creation of assets in the name of other entities and siphoning off the funds abroad, said ED. “It was also unearthed during search action that more than Rs.200 crore has been siphoned to Singapore and the USA indicating investments overseas for acquiring of overseas assets.

“Additionally, incriminating documents related to the WTC Group and Bhutani Group were seized wherein assets worth thousands of crores in market value have been transferred to the Bhutani Group at a nominal value, thus transferring the proceeds of crime (POC) at a nominal price,” said ED. Documents related to “cash” transactions were also found, it said.

The agency said it seized several “incriminating” documents related to diversion, layering of funds, apart from property documents like sale and registration deeds, and laptops, hard drives, etc., were also seized.

“Additionally, assets to the tune of thousands of crores have been identified in the name of WTC group,” it said. Fixed deposits of WTC Group of companies have also been frozen and seized along with jewellery and bullion worth Rs.1.5 crore, the ED said.

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The post ED identifies assets worth thousands of crores in searches against 2 realty firms WTC Group & Bhutani Group appeared first on PGurus.

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