ED conducts searches against realty groups in Delhi-NCR
The Enforcement Directorate (ED) on Thursday conducted raids on several properties linked to prominent real estate firms, WTC Builder and the Bhutani Group, as part of a money laundering investigation linked to alleged fraud with homebuyers.
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).
The firms are accused of failing to deliver multiple real estate projects, despite having collected over Rs 1,000 crore from investors over the past 10 to 12 years.
Multiple FIRs have been filed by the Faridabad Police and the Economic Offences Wing (EOW) of Delhi Police against WTC Builder promoter Ashish Bhalla and the directors of the Bhutani Group.
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