New Delhi — In one of the largest real estate fraud cases in recent years, the Enforcement Directorate (ED) announced on Monday that it has attached properties worth ₹2,348 crore belonging to WTC Faridabad Infrastructure Private Limited and related entities of the WTC Group, as part of a money laundering probe.
The agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA). The attached properties include approximately 159 acres of licensed and unlicensed land as well as unsold real estate inventory spread across Delhi, Noida, Gurugram, and Faridabad, in addition to residential assets in Goa and commercial premises in Delhi-NCR.
According to the ED, the investigation revolves around a “massive real estate scam” allegedly orchestrated by Ashish Bhalla, head of the WTC Group.
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₹2,700 Crore Collected, ₹2,348 Crore Frozen: The Scale of the Fraud
The case originates from over 30 FIRs registered by Faridabad Police and Delhi Police’s Economic Offences Wing, where Bhalla and his companies have been accused of cheating, criminal conspiracy, and defrauding thousands of investors.
The ED claims that over ₹2,700 crore was mobilized from more than 12,000 investors across Haryana, Uttar Pradesh, Punjab, and Chandigarh through what was described as a “well-orchestrated scheme”. Investors were promised assured returns on commercial and residential real estate projects under the World Trade Center (WTC) brand, but these promises turned out to be bogus, as the projects were either delayed or never materialized.
A forensic analysis by the ED revealed that a significant portion of investor funds was diverted, misappropriated, or illegally routed abroad instead of being used for real estate development.
Funds Allegedly Routed to Singapore; ED Cracks Down on Overseas Trail
The ED has further alleged that a “substantial amount” of the diverted funds was transferred to entities based in Singapore, which are said to be beneficially owned by Bhalla’s close family members. These international transactions are under the scanner for potential violations of foreign exchange and anti-money laundering laws.
Ashish Bhalla, the main accused, was arrested in March 2025 and is currently in judicial custody. Investigations are ongoing to identify the full network of shell companies, individuals, and offshore accounts used to launder money. The case is a grim reminder of the vulnerabilities in India’s booming real estate sector and the need for tighter investor protections and financial transparency.
The ED is likely to pursue confiscation proceedings once the provisional attachment order is confirmed by the adjudicating authority. Investigations are also continuing to track down more assets, both domestic and international, linked to the scam.
Meanwhile, thousands of affected investors await justice and the possibility of reclaiming their investments.