The Enforcement Directorate has arrested Vatika Limited Chairman and Managing Director Anil Bhalla and promoter Gautam Bhalla under the Prevention of Money Laundering Act in connection with the alleged non-delivery of residential plots in Gurugram and the diversion of buyer funds. Arrested on September 28 by the Gurugram Zonal Office under Section 19 of the anti-money laundering statute, both accused were produced before the Special PMLA Court in Gurugram on September 29, which remanded them to central agency custody until October 3.
Multiple FIRs and unfulfilled plot handovers trigger probe
The money laundering case stems from an Enforcement Case Information Report initiated against Vatika Limited and its promoter-directors following First Information Reports filed by the Delhi Police Economic Offences Wing for cheating, criminal breach of trust, and criminal conspiracy. Federal investigators found that between 2010 and 2012, seven buyer entities paid roughly ₹260 crore upfront as complete consideration for residential plots in Vatika India Next in Sectors 84 and 85, as well as Vatika India Next-2 in Sector 88A. Plot agreements were executed in 2014 and 2015, but project layouts were later modified, shifting plot numbers and original locations while land parcels were repeatedly allotted to new purchasers without handing over possession to existing buyers.
Fund diversion and shell corporate network under scrutiny
According to the agency, buyers in Vatika India Next-2 received zero plot handovers despite remitting about ₹90 crore for nearly 1.10 lakh square yards of land over a 14-year period, while plots worth ₹140.73 crore remained undelivered in the Vatika India Next development. Scrutiny revealed that project land was parked across approximately 22 group firms that had no commercial activities or independent employees, serving primarily to provide corporate guarantees and hold land assets that were subsequently mortgaged with financial institutions. Advance collections from buyers were diverted away from project accounts to unrelated group entities and promoter-linked firms, with central investigators identifying Anil Bhalla and Gautam Bhalla as joint decision-makers directing the transactions and executing the underlying agreements.
Alleged 2024 transaction uncovered as proceeds pegged at ₹154 crore
The investigation has also brought under scrutiny a 2024 transaction where Scaler Ventures disbursed ₹473.18 crore under an agreement to sell and buy back 165 plots. The agency alleged that only 15 plots were repurchased, while 14 of the remaining 150 plots were sold to third parties for about ₹13.62 crore without the knowledge or consent of the purchaser. The agency has so far quantified total proceeds of crime at ₹154.36 crore. Earlier searches across seven locations yielded the seizure and freezing of a Mercedes-Benz GLC 300, over 1.3 kilograms of gold and diamond jewellery valued at roughly ₹1.55 crore, and bank balances and fixed deposits totaling about ₹3.04 crore.
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