The Enforcement Directorate (ED) has taken major action against the promoters and directors of Gurugram-based real estate company Vatika Ltd. as part of a money laundering investigation into alleged fraud involving homebuyers. The agency conducted searches at seven residential and official premises linked to the company’s promoters and directors across Delhi-NCR and seized or froze assets worth around ₹33 crore.
Algoritha Security Launches ‘Make in India’ Cyber Lab for Educational Institutions
According to the ED, important documents were recovered during the searches. The agency also seized or froze three luxury vehicles, jewellery, bank account balances and securities valued at approximately ₹33 crore. The action was carried out as part of a case registered under the Prevention of Money Laundering Act (PMLA).
The money laundering investigation stems from multiple FIRs registered by the Economic Offences Wing (EOW) of the Delhi Police. The cases name Vatika promoters Anil Bhalla, Gautam Bhalla and Gaurav Bhalla, along with others, over alleged fraudulent inducement, non-delivery of residential plots and related offences.
The ED said its preliminary investigation has identified a common pattern in transactions linked to projects including ‘Vatika India Next’ and ‘Vatika India Next-2’. According to the agency, substantial amounts were collected upfront from complainants towards the allotment and sale of residential plots. However, a significant portion of the promised plots was allegedly not delivered even after several deadlines had passed.
The agency said that approximately ₹260.30 crore was received from the victim entities between 2010 and 2012. Against this amount, plots worth around ₹120 crore were delivered. The ED alleged that the remaining plots were not handed over despite the passage of multiple deadlines and repeated efforts by the affected entities to obtain them.
According to the agency, the alleged delay in delivering the remaining plots continued for nearly 14 years. The complainant entities reportedly made several attempts to secure the plots but were allegedly unable to obtain them.
The investigation has also uncovered another serious allegation. The ED claimed that 14 plots connected with the same projects were allegedly sold clandestinely to third parties without obtaining the required consent of the victim company. The agency is now examining documents relating to these transactions, payment trails, the identities of the purchasers and the ultimate use of the funds.
The central focus of the money laundering investigation is to determine how the money collected from homebuyers was utilised and whether funds allegedly generated through the suspected offences were diverted into other businesses, properties or financial instruments. The assets seized or frozen during the searches are also being examined in this context.
Financial Trail Under ED Scanner
The latest searches indicate that the financial investigation could expand further. The agency is expected to examine project records, plot allotment documents, sale agreements and bank transactions associated with the projects. Investigators may also trace the movement of funds received against plots that were allegedly not delivered and determine whether the money was subsequently transferred to other accounts or used to acquire assets.
The ED’s action remains part of an ongoing investigation, and the allegations are yet to be conclusively established through judicial proceedings. The final outcome will depend on the evidence gathered during the investigation and subsequent legal proceedings. The response and position of Vatika Ltd. and other concerned parties will also be relevant as the case progresses.
