WTCA Terminates Licenses Amid Allegations of Fraud and Violations

The World Trade Centers Association (WTCA) has terminated 13 licenses held by WTC Noida Development and Spire Techpark due to alleged violations and fraud. This comes amid an Enforcement Directorate probe into potential criminal activities. The termination aims to protect WTCA's reputation and is effective from February 19, 2025.

The World Trade Centers Association (WTCA) has taken decisive action by terminating 13 licenses held by WTC Noida Development and Spire Techpark. This significant development follows multiple violations of license agreements and an ongoing probe by the Enforcement Directorate into allegations of fraud.

According to a WTCA statement released on Tuesday, the violations included material breaches of agreements and failures to comply with WTCA bylaws. The termination, effective February 19, 2025, affects licenses for several Indian cities, including Ahmedabad, Amritsar, and Noida, among others.

The Enforcement Directorate has conducted raids, uncovering assets worth thousands of crores in relation to this case. Complaints from homebuyers and investors have resulted in multiple FIRs, highlighting the severity of the issue. The WTCA distanced itself from the actions of its licensees, emphasizing its role as a non-political association focused on global trade expansion.

(With inputs from agencies.)