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The Enforcement Directorate has seized and frozen assets worth INR 33 crore following searches at seven residential and business premises linked to the promoters and directors of Gurugram-based real estate company Vatika Ltd. in Delhi-NCR. The action is part of a money laundering investigation into alleged fraud involving homebuyers and non-delivery of residential plots. The agency said its searches recovered documents and resulted in the seizure or freezing of three luxury vehicles, jewellery, bank accounts and securities. The investigation relates to multiple FIRs filed by the Economic Offences Wing of Delhi Police.
The Enforcement Directorate (ED) has seized and frozen assets worth INR 33 crore after conducting searches at seven residential and official premises linked to Vatika Ltd and its promoter-directors across Delhi-NCR. The action forms part of a money laundering investigation into alleged fraud involving homebuyers.
The searches were carried out by the ED's Gurugram zonal office under the Prevention of Money Laundering Act (PMLA). The agency recovered documents and also seized or froze three luxury vehicles, jewellery, bank accounts and securities with a combined value of INR 33 crore.
The case was registered by the ED after taking cognisance of multiple FIRs filed by the Economic Offences Wing (EOW) of Delhi Police. The FIRs name Vatika promoters Anil Bhalla, Gautam Bhalla and Gaurav Bhalla, along with others, over allegations including fraudulent inducement and non-delivery of residential plots.
According to the ED's investigation, the alleged irregularities relate to transactions involving projects including Vatika India Next and Vatika India Next-2. The agency said buyers had paid substantial amounts upfront for the allotment and sale of residential plots, but a considerable number of the promised plots were not delivered despite the expiry of multiple deadlines.
The ED said approximately INR 260.30 crore was received from the victim entities between 2010 and 2012, while plots worth about INR 120 crore were delivered. The agency has alleged that the remaining plots were not handed over even after 14 years, despite repeated efforts by the affected entities to obtain them.
The agency has also alleged that 14 plots connected with the same projects were sold to third parties without obtaining the required consent from the victim company. These transactions form part of the allegations being examined in the money laundering investigation.
The latest action follows the ED's examination of the financial transactions and alleged diversion of funds connected with the plot transactions. The agency's case is based on the underlying allegations recorded by the Delhi Police's EOW and is being investigated under the PMLA.
The matter highlights the long-running disputes faced by some homebuyers over delayed or undelivered plots, particularly where payments were made years before the promised delivery. The ED's investigation is continuing, and the allegations against the company and its promoters remain subject to the legal process.
Source PTI
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