New Delhi – The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 2,348 crore belonging to WTC Faridabad Infrastructure Pvt. Ltd. and other entities of the WTC group, in a sweeping action under the Prevention of Money Laundering Act (PMLA). The case involves a massive real estate fraud allegedly orchestrated by businessman Ashish Bhalla, the group’s head, the agency said in an official statement on Monday.
The attached assets include around 159 acres of licensed and unlicensed land, unsold real estate inventory across Delhi-NCR (including Gurugram, Faridabad, and Noida), residential properties in Goa, and commercial premises in the NCR. According to the ED, these properties are direct proceeds of crime generated from the fraudulent activities.
The investigation was initiated following more than 30 FIRs registered by Faridabad Police, the Delhi Police Economic Offences Wing, and other agencies under sections of the Indian Penal Code related to cheating, fraud, and criminal conspiracy.
The ED probe revealed that Bhalla and his group companies defrauded over 12,000 investors by promising assured returns on investments in plots and commercial spaces under the World Trade Center (WTC) brand. More than Rs 2,700 crore was reportedly raised from investors across states including Haryana, Uttar Pradesh, Punjab, and Chandigarh.
However, investigators found that a large portion of these funds was misappropriated, never invested in real estate projects, and diverted for personal gain. A significant amount was also illegally transferred abroad to companies based in Singapore, allegedly controlled by Bhalla’s close family members.
The ED had conducted search operations on February 27, 2024, during which Bhalla allegedly absconded and attempted to influence witnesses. He was arrested on March 6, 2025, to prevent further obstruction of justice and evidence tampering.
Further investigation in the case is underway, the ED said. (Source: IANS)
