The Impressive TimesNew Delhi : In a significant crackdown on financial fraud, the Enforcement Directorate (ED) has attached assets worth ₹2,348 crore linked to WTC Faridabad Infrastructure Private Limited and related entities. The action is part of an ongoing investigation into a large-scale real estate scam that reportedly duped over 12,000 investors across the country.
According to an official statement from the agency, the attached assets include vast land parcels and numerous unsold properties located in prime regions such as Delhi-NCR, Gurugram, Faridabad, Noida, and even coastal areas of Goa. The attachment has been made under the provisions of the Prevention of Money Laundering Act (PMLA), marking one of the largest seizures in a real estate-linked fraud case in recent times.
The ED alleges that Ashish Bhalla, the chief promoter of the group, lured thousands of investors by promising them assured returns on their investments in various commercial and residential projects. However, instead of utilizing the funds for the development of these projects, Bhalla is accused of siphoning off large sums for personal gain. A portion of the misappropriated funds was allegedly diverted abroad to companies owned and controlled by his family members, further complicating the financial trail.
Bhalla was arrested by the ED on March 6 this year. His arrest followed allegations that he attempted to influence witnesses connected to the investigation, leading to concerns about obstruction of justice. The agency stated that his custodial interrogation has provided crucial leads regarding the movement of funds and the involvement of other entities.
The ED’s investigation has revealed a complex web of financial transactions, shell companies, and cross-border fund transfers. The scale of the fraud, both in terms of money and the number of affected investors, has prompted the agency to intensify its probe.
The agency emphasized that the asset attachment is an important step toward securing the interests of the victims and recovering the proceeds of crime. The attached properties, if eventually confiscated, may potentially be used to compensate the defrauded investors.
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