New Delhi, Mar, 07
The Enforcement Directorate (ED) has arrested Ashish Bhalla, the promoter of the Delhi-NCR-based realty group WTC, in a money laundering case linked to homebuyers’ funds, official sources said on Friday.
Bhalla was taken into custody under the Prevention of Money Laundering Act (PMLA) on Thursday, and a special court in Gurugram sent him to ED custody for six days, they said.
The agency alleged that after promising assured returns in exchange for investment against plots or commercial spaces, WTC “diverted” the funds of depositors and these were “siphoned off” to several shell companies to acquire lands at various locations.
Hundreds of crores of rupees were also diverted to suspicious entities in Singapore whose beneficial ownership is with Bhalla’s family members.
During the probe, it was found that the WTC group collected more than Rs 3,000 crore from various investors across several states, such as Haryana, Uttar Pradesh and Punjab as well as cities like Chandigarh and Ahmedabad.
Earlier, the ED had conducted search operations on February 27, during which Bhalla remained absconding and induced key persons against cooperating with the investigation.
He had remained absconding for several days in an attempt to frustrate proceedings under PMLA.
The ED revealed that he is a “key beneficiary” and the “mastermind” of the fraudulent activities of the group and has made unlawful gains through the scheme.
