WTC Group’s Ashish Bhalla Arrested by ED Under PMLA in ₹3,000 Crore Money Laundering Investigation
The Enforcement Directorate (ED) has arrested Ashish Bhalla, the promoter of the World Trade Centers (WTC) Group, in connection with ₹3,000 crore real estate money laundering case. Bhalla was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA) on March 6, 2025, following an extensive investigation into allegations of cheating, and criminal breach of trust involving thousands of investors.
The investigation, launched by the ED, focused on the alleged misappropriation of funds collected from homebuyers and investors, which were promised assured returns on plots and commercial spaces. However, findings indicate that these funds were diverted through multiple channels, including shell companies, for acquiring land at various locations. The agency also discovered that a portion of the funds, amounting to hundreds of crores, had been transferred abroad to suspicious entities in Singapore, reportedly linked to Bhalla’s family members.
The ED’s probe against WTC Group and its promoters, including Suparna Bhalla and Abhijeet Bhalla, as well as Bhutani Infra and others, is based on multiple FIRs filed by the Economic Offences Wing of the Delhi Police and the Faridabad Police. These cases were registered following complaints from numerous investors who claimed they had been duped through misleading promises and financial mismanagement.
Investigators found that Bhalla and his associates had lured investors with the assurance of fixed returns and project deliveries that were never fulfilled. Instead, the collected funds were routed through complex financial transactions, allegedly for personal gain and the expansion of unrelated business activities.
On February 27, 2025, the Enforcement Directorate conducted search operations at multiple locations under Section 17 of the PMLA. Searches were carried out at five business and residential premises in Ludhiana, Punjab, and Chandigarh, including offices linked to Infowiz Software Solution. During this period, Bhalla reportedly remained untraceable and allegedly attempted to obstruct the investigation by influencing key individuals to avoid cooperating with authorities. After evading arrest for several days, he was eventually taken into custody on March 6, following which a special court in Gurugram granted ED a six-day custodial interrogation to gather further details.
According to ED sources, WTC Group had collected over ₹3,000 crore from investors across multiple states, including Haryana, Uttar Pradesh, Chandigarh, Punjab, and Gujarat. A significant portion of this amount was allegedly funneled into various shell companies and overseas entities, with no clear indication of where the money was ultimately utilized. The probe indicates that Bhalla played a key role in orchestrating these financial transactions, making unlawful gains while failing to fulfill contractual obligations toward investors. Homebuyers who had put their savings into WTC projects now face uncertainty, as the status of many developments remains unclear.
In a parallel development, the World Trade Centers Association (WTCA) announced the termination of 13 licences held by WTC Noida Development and Spire Techpark. Effective from February 19, 2025, these cancellations apply to projects in Ahmedabad, Amritsar, Bhopal, Chandigarh, Faridabad, GIFT City, Lucknow, Noida, Noida CBD, Patna, Surat, Vadodara, and Varanasi. The WTCA stated that the decision was made due to multiple violations of licensing agreements, failure to comply with bylaws, and an inability to meet the association’s objectives. This move is expected to have far-reaching implications for ongoing and planned WTC projects in India, adding further complications for investors who had anticipated steady returns on their investments.
As part of its broader crackdown on financial irregularities in the real estate sector, the Enforcement Directorate has been conducting raids against other realty firms involved in similar cases. Searches were carried out at multiple locations in Delhi, Noida, Faridabad, and Gurugram, targeting both WTC Group and Bhutani Group. The federal agency revealed that assets worth thousands of crores had been identified during these operations, further underscoring the scale of financial misconduct within the sector. Authorities believe that a substantial portion of investor funds may still be hidden in various undisclosed assets, and further investigations are expected to trace these holdings.
The arrest of Ashish Bhalla and the ongoing investigation have raised concerns among homebuyers and investors who had committed funds to WTC projects. Many had entered into agreements based on assurances of timely project completion and fixed returns, only to find themselves caught in prolonged legal and financial uncertainty. Legal experts suggest that affected investors may have to wait for a lengthy resolution process involving financial recoveries, potential asset seizures, and further regulatory actions.
As the investigation progresses, further developments in the case are anticipated, including possible recoveries of diverted funds and legal proceedings against other individuals and entities involved in the scheme.
