The Enforcement Directorate (ED) has arrested Vatika Group Chairman and Managing Director Anil Bhalla and promoter Gautam Bhalla in a money laundering investigation involving alleged diversion of buyers’ funds and non-delivery of residential plots in Gurugram.
The arrests were made on September 28 under the Prevention of Money Laundering Act (PMLA). The agency has estimated the proceeds of crime in the case at approximately ₹154.36 crore.
Both accused were produced before a special PMLA court in Gurugram and remanded to ED custody until October 3. The investigation stems from multiple FIRs registered by the Delhi Police’s Economic Offences Wing against Vatika Limited and its promoters.
The ED alleges that buyers paid substantial amounts for residential plots but failed to receive their properties even after nearly 14 years. Investigators are also examining how money collected from purchasers was transferred between group companies and promoter-linked entities.
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Buyers Paid ₹260 Crore, But Plots Remained Undelivered
According to the ED, seven purchaser entities paid approximately ₹260 crore between 2010 and 2012 for residential plots in Vatika India Next and Vatika India Next-2.
The projects are located in Sectors 84, 85 and 88A of Gurugram. Plot-specific agreements were subsequently executed in 2014 and 2015.
However, investigators allege that the layouts were later revised. Several originally allotted plots were renumbered or relocated, while project land continued to be allotted or sold to other purchasers.
In Vatika India Next-2, buyers had reportedly paid approximately ₹90 crore for plots covering around 1.10 lakh square yards. The ED alleges that none of these plots had been delivered even after nearly 14 years.
Delivery in Vatika India Next was only partial. According to the agency, plots worth approximately ₹140.73 crore across the projects remained undelivered.
These findings form a central part of the money laundering investigation against the company’s promoters.
ED Alleges Buyers’ Money Was Diverted Through Group Companies
The investigation has raised questions about what happened to the money collected from purchasers.
According to the ED, approximately 22 Vatika Group companies held land connected with the projects. Investigators allege that these entities had no employees or independent business operations.
Instead, they were primarily used to manage the group’s land holdings, provide corporate guarantees and mortgage land to financial institutions.
An examination of Vatika Limited’s bank accounts allegedly revealed that money collected from purchasers was transferred to other group companies and promoter-linked entities that were not associated with the projects for which payments had been received.
This alleged diversion is significant because purchasers had paid for specific properties. Investigators are examining whether those payments were subsequently used for unrelated transactions.
The ED alleges that Anil Bhalla personally supervised important financial and commercial decisions. Gautam Bhalla allegedly executed key agreements and exercised control over several land-owning companies.
The agency claims that major decisions relating to the transactions under investigation were taken jointly by the two promoters.
Separate ₹473 Crore Transaction Also Under Investigation
Investigators have identified another transaction involving Scaler Ventures.
According to the ED, Scaler Ventures paid ₹473.18 crore in 2024 under an agreement to sell and a subsequent buy-back arrangement involving residential plots.
The arrangement covered 165 plots. However, investigators allege that only 15 plots were bought back.
The ED further claims that 14 of the remaining 150 plots were subsequently sold to third parties for approximately ₹13.62 crore without Scaler Ventures’ knowledge or consent.
The agency is examining these transactions as part of its investigation into the alleged misuse of purchasers’ funds.
The ₹473.18 crore transaction value should not be confused with the estimated proceeds of crime. The ED has currently quantified the latter at approximately ₹154.36 crore.
Earlier Searches and Property Attachments
The arrests follow previous enforcement action against Vatika Limited and its promoters.
During searches conducted at seven premises, ED officials recovered a Mercedes-Benz GLC 300 and gold and diamond jewellery weighing more than 1.3 kg, valued at approximately ₹1.55 crore.
Bank accounts and fixed deposits containing around ₹3.04 crore were also frozen, according to the agency.
The investigation also has an earlier history.
In January 2025, the ED provisionally attached nine immovable properties valued at approximately ₹68.59 crore in a separate investigation involving Vatika Limited’s alleged failure to deliver properties and provide promised returns to investors.
At that time, the agency reported that more than 600 investors had invested approximately ₹248 crore across four Vatika projects. Several developments had allegedly remained incomplete for years.
The latest arrests concern the ongoing investigation into the group’s financial transactions and allegations involving residential plot purchasers. The accused have not been convicted, and the current allegations remain subject to judicial proceedings.
What this means for you
Property buyers should verify a project’s RERA registration, land ownership, approvals and delivery status before making substantial payments. Existing purchasers facing prolonged delays should preserve their agreements, payment records and communications with developers, as these documents may be important for regulatory complaints or legal proceedings.
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