Real Estate Kingpin's Fall: ED Arrests Ashish Bhalla in Massive Money Laundering Probe

Ashish Bhalla, promoter of the WTC realty group, was arrested in a money laundering case linked to homebuyers' funds. Allegations include fund diversion to shell companies and suspicious entities. Fixed deposits and jewelry worth Rs 1.5 crore seized. Case involves FIRs by police for cheating and fraud.

The Enforcement Directorate (ED) has apprehended Ashish Bhalla, the promoter of the Delhi-NCR-based realty group WTC, in connection with a money laundering case concerning homebuyers' funds. Sources have confirmed that Bhalla was detained under the Prevention of Money Laundering Act (PMLA) and a special court in Gurugram has remanded him to ED custody for six days.

The ED alleges that Bhalla promised investors assured returns in exchange for investments in plots or commercial spaces. However, the funds were diverted to numerous shell companies and suspicious entities, including those in Singapore linked to Bhalla's family, for unlawful gains. The WTC group amassed more than Rs 3,000 crore from investors across multiple states, raising serious fraud concerns.

The action follows February raids on the WTC Group and related entities. Ray of Bhutani Infra has severed ties with WTC and is cooperating with authorities. The case's origins trace back to numerous FIRs against the group for breach of trust and defrauding homebuyers. ED's operation has revealed valuable documents and frozen assets amounting to substantial value, underscoring the severity of the charges.

(With inputs from agencies.)