Economic Fraud
ED Arrests WTC Group Promoter in Rs 3,000 Crore Real Estate Fraud
Gurugram: The Enforcement Directorate (ED) on Friday arrested Ashish Bhalla, promoter of the WTC Group, under the Prevention of Money Laundering Act (PMLA) in connection with a massive real estate scam that allegedly defrauded thousands of investors.
Investors Cheated Through Assured Returns Scam
According to investigators, Bhalla lured investors by promising assured returns in exchange for investments in plots and commercial spaces. However, instead of fulfilling these commitments, the funds were allegedly diverted to shell companies that were used to acquire land in multiple locations.
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Further probes revealed that hundreds of crores were siphoned off to suspicious entities in Singapore, owned by Bhalla’s family members. The WTC Group is believed to have collected over Rs 3,000 crore from investors across multiple states, including Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, and Punjab.
Bhalla’s Arrest and ED’s Crackdown
On February 27, 2024, the ED conducted search operations under Section 17 of PMLA. However, Bhalla remained absconding and allegedly attempted to influence key individuals to obstruct the investigation. After evading authorities for several days, Bhalla was arrested on March 6, 2025, under Section 19 of PMLA for custodial interrogation. A special court in Gurugram has granted the ED six days of custody for further investigation.
Authorities suspect Bhalla was the mastermind behind the fraudulent scheme, making huge unlawful gains at the expense of investors. The investigation is ongoing, with the ED probing fund transfers, offshore holdings, and the role of associated entities in the alleged scam.