Enforcement Directorate Attaches ₹2,348 Crore in Assets of WTC Faridabad Group

The Enforcement Directorate (ED) has attached assets worth ₹2,348 crore of a real estate group based in Delhi-NCR, as part of an ongoing money laundering investigation. The targeted group, WTC Faridabad Infrastructure Private Limited, along with other entities of the WTC Group led by Ashish Bhalla, is under scrutiny for large-scale real estate fraud. The ED's action includes the attachment of hundreds of acres of land, unsold real estate inventory, residential properties in Goa, and commercial premises in Delhi-NCR.

This provisional attachment order, issued under the Prevention of Money Laundering Act (PMLA), comes as a result of allegations that the WTC Group, through a series of fraudulent schemes, cheated investors by promising assured returns on investments in real estate. The group targeted more than 12,000 investors, collecting over ₹2,700 crore across states including Haryana, Uttar Pradesh, Punjab, and Chandigarh.

The investigation reveals that a significant portion of the funds raised through these investment schemes was diverted by Bhalla and his associates, never being used for real estate development as promised. Furthermore, the ED alleges that a considerable amount of these funds was illicitly transferred abroad to entities based in Singapore, which are reportedly beneficially owned by close family members of Bhalla.

The assets attached by the ED as part of this investigation include approximately 159 acres of licensed and unlicensed land in prominent areas such as Delhi, Gurugram, Faridabad, and Noida. In addition to the land, the ED also seized unsold real estate inventory, including residential units, and commercial properties in the Delhi-NCR region. The investigation further extends to properties in Goa, which are linked to the group’s operations.

The ED’s investigation was sparked by more than 30 FIRs filed by the Faridabad Police and Delhi Police’s Economic Offences Wing, accusing Bhalla and his companies of criminal conspiracy, fraud, and cheating. The case suggests a well-orchestrated plan by the group to lure investors with promises of guaranteed returns, while siphoning off the funds for personal gain.

In March 2025, Ashish Bhalla, the promoter of the WTC Group, was arrested by the Enforcement Directorate in connection with the fraud. The investigation is ongoing, and the ED’s action reflects the seriousness with which it is addressing the case.

This development serves as a stark reminder of the risks involved in real estate investment schemes, particularly those that offer “assured returns,” which often turn out to be too good to be true. The action by the ED highlights the growing efforts by Indian authorities to clamp down on money laundering and fraudulent activities in the real estate sector, aiming to protect investors and ensure the integrity of the market.

With the growing number of such cases in the country, it is becoming increasingly important for investors to carefully vet the credibility of the developers they engage with. Ensuring that investments are made with reputable companies and through proper legal channels can help safeguard against such fraudulent activities, which can have devastating financial impacts on unsuspecting individuals.