ED attaches a 1.35-acre commercial plot worth around Rs 108 crore

The Gurugram zonal office of the Enforcement Directorate (ED) has attached a 1.35-acre commercial plot worth around Rs 108 crore under the Prevention of Money Laundering Act (PMLA), 2002 in a builder-investor case involving Vatika Limited.

According to an ED official, the company is accused of defrauding investors and failing to complete projects. The company had promised investors returns, which were not fulfilled. The ED also had previously attached the company's assets. The ED investigation is based on several FIRs registered with the Economic Offences Wing (EOW) of the Delhi Police in 2021. In these complaints, Vatika Limited and its promoters Anil Bhalla and Gautam Bhalla were accused of fraud, criminal conspiracy and taking money by misleading investors.

Investigation so far revealed that around Rs 248 crore was invested by 659 investors in four projects, including Vatika Inext City Centre Towers D, E and F Gurugram, Vatika Mindscapes Tower-C Faridabad, Vatika Towers Tower-C Gurugram and Vatika High Street (V Lante) Gurugram. Many of these projects remain uncompleted, and no conveyance deeds have been issued to any investor. The ED has already attached assets worth Rs 68.59 crore in this case.

The official added that the ED has also filed a prosecution complaint against Vatika Limited, its promoters, and other group companies in the special PMLA court in Gurugram. The investigation in the case is under way.