Real Estate Raids Unearth Massive Money Laundering Scheme

The Enforcement Directorate conducted raids against WTC and Bhutani Groups in Delhi-NCR, uncovering potential money laundering worth crores. The investigation stems from complaints by homebuyers about fraud and project delays. The Bhutani Group has since severed ties with WTC and is cooperating with authorities.

The Enforcement Directorate (ED) has announced the identification of assets worth thousands of crores after conducting searches on the Delhi-NCR offices of realty giants WTC Group and Bhutani Group. The raids, executed on February 27, targeted multiple locations across Delhi, Noida, Faridabad, and Gurugram.

The investigation follows a series of FIRs filed by the Economic Offences Wing and the Faridabad Police, accusing WTC and its promoters, including Ashish Bhalla, of allegedly cheating homebuyers and investors. The ED revealed that WTC Faridabad Infrastructure Private Limited's promoters had enticed the public to invest in residential plots, later engaging in a fraudulent scheme by failing to deliver on their promises for over a decade.

Incriminating documents were seized, revealing the collection of over Rs 3,500 crore from investors for 15 projects, with a significant portion siphoned abroad. Bhutani Infra, which claimed to have severed ties with WTC, is cooperating with the ED. Assets including cash, jewelry, and fixed deposits have been seized as part of the ongoing investigation.

(With inputs from agencies.)