ED Seizes Properties in Major Builder-Investor Scam

The Directorate of Enforcement (ED) in Gurugram attached nine properties in a builder-investor fraud involving M/s Vatika Limited. The company allegedly lured investors with assured returns, later failing to deliver. Over ₹248 crore was invested by 600 investors, with projects left incomplete.

The Directorate of Enforcement (ED) has provisionally attached nine immovable properties, including approximately 27.36 acres of agricultural land valued at roughly ₹68.59 crore. This action is part of an ongoing investigation into a builder-investor fraud involving M/s Vatika Limited, according to officials speaking on Friday.

Initiated after multiple First Information Reports (FIRs) were filed in 2021 by the Economic Offences Wing (EOW) of Delhi, the investigation targets M/s Vatika Limited, its promoters Anil and Gautam Bhalla, and others. They face allegations of criminal conspiracy, cheating, and dishonest inducement against investors and buyers, officials confirmed.

Findings reveal that Vatika Limited persuaded investors to pay for future projects with promises of high returns, including assured returns during construction and lease-rent post-completion. However, the company stopped these payments prematurely and failed to deliver the properties, thereby committing fraud. Additionally, Vatika Limited neglected regulatory procedures like license renewals and timely project completion, the probe indicates. Over 600 investors have collectively invested ₹248 crore across four projects, which remain incomplete or deferred, with no conveyance deeds executed.

(With inputs from agencies.)