Builder accused of misleading 659 investors; Projects delayed for years despite ₹248 crore collected.
The Directorate of Enforcement (ED), Gurugram Zonal Office, has tightened its probe into alleged financial irregularities by real estate major Vatika Limited. In its latest action, the agency has provisionally attached a 1.35-acre commercial plot valued at around ₹108 crore, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attachment is part of a larger investigation into a builder–investor case, triggered by multiple FIRs registered by the Economic Offence Wing (EOW), Delhi in 2021. The FIRs named Vatika Limited and its promoters—Anil Bhalla, Gautam Bhalla, and others—accusing them of criminal conspiracy, cheating, and dishonestly inducing investors.
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Assured Returns Promised, Payments Stopped Midway
According to ED’s findings, Vatika Limited allegedly lured investors by offering attractive schemes for investment in upcoming commercial projects. Investors were promised:
- Assured monthly returns until project completion
- Lease-rental income after completion
- Delivery of commercial units within specified timelines
However, the investigation reveals that the company stopped making assured return payments midway and also failed to hand over the units as promised.
Simultaneously, several procedural lapses came to light. As per ED, the company did not renew mandatory DTCP licences on time and failed to adhere to planned project schedules. Many of the projects remain incomplete or are significantly delayed.
₹248 Crore Collected from 659 Investors, Projects Left Hanging
The agency’s probe indicates that 659 investors collectively put in approximately ₹248 crore across four major Vatika projects:
1. Vatika INXT City Centre (Tower D, E & F), Gurugram
2. Vatika Mindscapes Tower-C, Faridabad
3. Vatika Towers Tower-C, Gurugram
4. Vatika High Street (part of V’Lante), Gurugram
Years after collecting the funds, these projects remain unfinished or deferred, leaving investors in a state of uncertainty. The company has also not executed conveyance deeds, depriving investors of rightful ownership of the units for which they paid.
Total Attachment Climbs to ₹176 Crore
This latest attachment of ₹108 crore adds to the ED’s earlier action, in which immovable properties worth ₹68.59 crore linked to the company were attached. The previous attachments were confirmed by the Adjudicating Authority.
With this, the total value of assets attached in the case now stands at approximately ₹176 crore.
Meanwhile, ED has filed a Prosecution Complaint (equivalent to a chargesheet) before the Special PMLA Court, Gurugram, on May 21, 2025. The complaint names Vatika Limited, its promoters, and other group companies for alleged violations of PMLA.
Growing Concerns Over ‘Assured Return’ Schemes
The case highlights continuing concerns in the real estate sector regarding “assured return” investment models. Market experts have long cautioned that such schemes often operate without adequate regulatory oversight, putting investor money at risk.
In several cases, developers use fresh investments to service earlier commitments, leading to financial instability and project delays. For investors, this translates into financial losses, long legal battles, and uncertain possession.
The Vatika case is now being viewed as another example of how unchecked fundraising practices and delayed project execution can leave hundreds of buyers stranded.
More Investigations Underway
According to ED, the investigation is ongoing. The agency is currently examining:
- Flow of funds collected from investors
- Utilization of money across group companies
- Transactions involving promoters and related entities
- Reasons behind project delays and non-delivery
Officials indicate that more attachments or legal action may follow as the probe deepens.
The case underscores the need for greater transparency, stricter regulatory compliance, and timely execution of real estate projects. It also reinforces the importance for investors to conduct due diligence before committing money to high-return schemes in the sector.
