WTC Group promoter Ashish Bhalla arrested by ED in real estate fraud case
New Delhi: Ashish Bhalla, the promoter of the WTC group, has been detained by the Enforcement Directorate (ED) in connection with a real estate fraud case that involves defrauding thousands of investors of their money via a well-orchestrated plot.
According to the ED, Bhalla was detained by its Gurugram office a day ago for questioning in custody in accordance with the terms of the Prevention of Money Laundering Act (PMLA). After being brought before a special PMLA court in Gurugram, Bhalla was given six days of ED detention.
According to the ED, investigations showed that the money was siphoned off to many shell firms to purchase lands in different places after being promised certain returns in exchange for their investment against plots and commercial space.
“Investigations have also revealed that hundreds of crores were also diverted abroad to suspicious entities in Singapore whose beneficial ownership is with family members of Ashish Bhalla,” according to the ED.
The ED said that the results of its probe showed that the WTC group had obtained over Rs 3,000 crore from a number of investors in a number of states, including Punjab, Haryana, Uttar Pradesh, Chandigarh, and Ahmedabad.
Bhalla remained evasive and persuaded important individuals not to cooperate with the inquiry during earlier ED search operations on February 27, 2024. “Bhalla remained absconding for several days in an attempt to frustrate proceedings under PMLA.”
“It was revealed that he is a key beneficiary and mastermind of the fraudulent activities of the group and has made unlawful gains through the scheme,” claimed the government agency.
