ED attaches Rs 2,350-cr assets of Faridabad realty group

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The attached assets include approximately 159 acres of licensed and unlicensed land, along with unsold real estate inventory across Delhi NCR, Gurugram, Faridabad, and Noida, as well as residential properties in Goa and commercial premises in Delhi-NCR.

The ED had initiated an investigation on the basis of more than 30 FIRs registered by Faridabad Police, Delhi EOW, and other law enforcement agencies under various sections of the IPC, 1860 pertain to offences including cheating, fraud, and criminal conspiracy.

The probe revealed that over 12,000 investors were duped by Bhalla and his group companies through a well-orchestrated scheme of promising assured returns on investments in plots and commercial spaces under the WTC brand, ED sources said.

More than Rs 2,700 crore was collected from investors across multiple states including Haryana, Uttar Pradesh, Punjab, Chandigarh. However, a significant portion of these funds was diverted and siphoned off by Ashish Bhalla and never used for real estate development, a statement issued by ED said.

Additionally, a substantial amount was illegally transferred abroad to entities based in Singapore, which are beneficially owned by close family members of Bhalla, it added further.

The anti-money laundering agency had conducted search operations on February 27, 2024, during which Ashish Bhalla absconded and attempted to influence key witnesses. He was subsequently arrested on March 6, 2025, to prevent obstruction of the investigation and tampering with evidence, the ED statement added.

The attached properties are identified as direct Proceeds of Crime.