ED arrests WTC Group promoter Bhalla in Rs 3,000-cr real estate fraud

The Directorate of Enforcement (ED) has arrested Ashish Bhalla, promoter of the WTC Group, under the Prevention of Money Laundering Act (PMLA) in connection with a massive Rs 3,000-crore real estate fraud. Bhalla is accused of cheating and duping thousands of investors by promising assured returns on their investments in plots and commercial spaces, only to divert and siphon off the funds.

Bhalla was taken into custody by the ED on March 6 and a special court in Gurugram has remanded him to six days of ED custody for further investigation. Officials revealed that investor funds were funnelled into multiple shell companies and used to acquire land at various locations. Investigators also discovered that hundreds of crores were transferred abroad to suspicious entities in Singapore, allegedly controlled by Bhalla’s family members.

The probe has uncovered that the WTC Group collected over Rs 3,000 crore from investors across multiple states, including Haryana, Uttar Pradesh and Punjab, as well as cities like Chandigarh and Ahmedabad. In a previous operation on February 27, the ED had conducted searches related to the case, but Bhalla had remained absconding, allegedly influencing key individuals to obstruct the investigation.

Authorities believe Bhalla was the mastermind behind the fraudulent scheme, making unlawful financial gains at the expense of unsuspecting investors. His arrest marks a significant development in the ongoing investigation into one of the largest real estate scams in recent years.