Massive Real Estate Fraud Exposed: WTC Group Under Investigation
The Enforcement Directorate (ED) attached properties worth Rs 2,348 crore in a money-laundering probe against WTC Faridabad Infrastructure Private Limited. Headed by Ashish Bhalla, the group is accused of defrauding over 12,000 investors through a scheme promising high returns, diverting funds, and transferring money abroad.
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- India
The Enforcement Directorate (ED) announced on Monday the provisional attachment of hundreds of acres of land and unsold real estate properties in Delhi-NCR and Goa worth Rs 2,348 crore. These actions are part of an ongoing investigation into a real estate fraud involving WTC Faridabad Infrastructure Private Limited and related entities.
The properties attached include approximately 159 acres of licensed and unlicensed land in Delhi, Gurugram, Faridabad, and Noida, as well as residential and commercial spaces in Goa and the Delhi-NCR region. This move comes after multiple FIRs were filed against the company and its promoters over allegations of fraud and criminal conspiracy.
The ED claims that Ashish Bhalla, leader of the WTC Group, masterminded a fraud that cheated over 12,000 investors out of Rs 2,700 crore. The funds, initially intended for real estate development, were allegedly siphoned off to foreign entities in Singapore, linked to Bhalla's family. Bhalla was arrested in March as the investigation continues.
(With inputs from agencies.)
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