New Delhi [India], March 7 (ANI): The Enforcement Directorate (ED) has arrested WTC group promoter Ashish Bhalla in an alleged real estate fraud case involving cheating and duping thousands of investors of their money through a well-planned conspiracy.
ED said its Gurugram office arrested Bhalla a day ago for custodial interrogation under the Prevention of Money Laundering Act (PMLA) provisions. Bhalla was produced before a special PMLA court in Gurugram, which granted his six-day ED custody.
During investigations, ED said, it was revealed that after promising assured returns in exchange for their investment against plot and commercial space, the funds were diverted and siphoned off to several shell companies to acquire lands at various locations.
“Investigations have also revealed that hundreds of crores were also diverted abroad to suspicious entities in Singapore whose beneficial ownership is with family members of Ashish Bhalla,” claimed the ED.
Further, the ED said that its investigation has revealed that WTC group had collected more than Rs 3,000 crore from various investors across several states, such as Haryana, Uttar Pradesh, Chandigarh, Ahmadabad, and Punjab.
Earlier, ED had conducted search operations on February 27, 2024, during which Bhalla remained absconding and induced key persons against cooperating with the investigation. “Bhalla remained absconding for several days in an attempt to frustrate proceedings under PMLA.”
“It was revealed that he is a key beneficiary and mastermind of the fraudulent activities of the group and has made unlawful gains through the scheme,” said the federal agency. (ANI)
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