On Thursday, the Enforcement Directorate conducted searches at several locations associated with two real estate firms and their promoters in the Delhi-NCR region. This action is part of an investigation into money laundering investigation linked to alleged fraud with homebuyers, officials said. The action is being taken against WTC Builder, its promoter Ashish Bhalla and the Bhutani Group, among others, they said.
The Gurugram office of the ED raided about a dozen locations in Delhi, Noida (Uttar Pradesh), and Faridabad and Gurugram (Haryana) under the provisions of the Prevention of Money Laundering Act (PMLA).
While WTC Builder could not be contacted immediately, a response from the Bhutani Group was awaited at the time of filing this story.AdvtThe money laundering probe stems from FIRs filed by Faridabad police and Delhi Police’s Economic Offences Wing against WTC Builder, Bhalla and the Bhutani Group, the officials said.
The WTC group has multiple projects in Faridabad, Noida and some other locations. It is alleged that the group has collected more than Rs 1,000 crore from investors but has not delivered projects to them for the last 10-12 years, the officials said.
