Real Estate Fraud Unmasked | ED Arrests WTC Group's Ashish Bhalla

The Enforcement Directorate (ED) has arrested Ashish Bhalla, promoter of WTC Group, following multi-state raids in connection with an alleged real estate fraud. Authorities claim that the company collected more than ₹3,000 crores from investors across multiple states but failed to deliver most of the promised projects.

Massive Fund Misuse Across Multiple States

Investigations revealed that WTC Group raised funds from investors in states like Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, and Punjab for 15 projects in Delhi NCR. However, most of these projects never materialized, leading to widespread financial losses.

Money Laundering and Shell Companies

According to ED officials, Bhalla and his associates promised assured returns in exchange for investments in plots and commercial spaces. Instead, they allegedly diverted the funds through shell companies to acquire land and siphoned off large amounts abroad.

Overseas Transactions and Suspicious Deals

Further investigations indicate that hundreds of crores were transferred to entities in Singapore, allegedly owned by Bhalla’s family members. These transactions raised suspicions of international money laundering.

ED Raids and Bhalla's Evasion

On February 27, ED teams raided 12 locations, including sites in Delhi and Faridabad. Bhalla allegedly attempted to evade authorities and influenced key individuals to resist cooperation. His arrest took place on Thursday, and he was remanded to ED custody for six days.

Dozens of FIRs Filed Against WTC Group

The case is based on multiple FIRs registered by the Economic Offences Wing (EOW) of Delhi and Faridabad police. The complaints, filed by homebuyers and investors, accuse WTC Group and its promoters—including Bhalla and Bhutani Infra—of fraud, criminal breach of trust, and cheating.

Plot Buyers Deceived in Faridabad Project

WTC Faridabad Infrastructure Pvt Ltd lured investors into a residential project in Sector 111-114, Faridabad. Promoters allegedly misappropriated funds without delivering plots for over a decade. The Bhutani Infra Group later took over the project, allegedly deceiving investors further.

Evidence of a Ponzi Scheme

Authorities uncovered documents revealing that over ₹3,500 crores were collected for various projects. Very few units were delivered, suggesting a well-orchestrated Ponzi scheme. Investigators also found that ₹200 crore was transferred to Singapore and the USA, indicating offshore asset acquisitions.