The Enforcement Directorate (ED) has arrested Ashish Bhalla, the promoter of WTC Group, on money-laundering charges linked to a ₹3,000-crore real estate fraud case. Bhalla and his associates allegedly duped thousands of investors by promising assured returns in exchange for investments in plots and commercial spaces.
Allegations and Findings
According to the ED, the funds collected from investors were misused, diverted, and siphoned off to multiple shell companies. The agency also uncovered that hundreds of crores were allegedly transferred to suspicious entities in Singapore, where Bhalla’s family members are believed to have beneficial ownership.
The scam affected investors across multiple states, including Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, and Punjab.
Attempts to Evade Investigation
ED officials revealed that Bhalla had been evading authorities and allegedly influenced key individuals to obstruct the probe. Last year, on February 27, the agency conducted searches related to the case, during which Bhalla remained absconding.
Calling him the “mastermind” behind the fraudulent activities, the ED emphasized that Bhalla had made massive unlawful gains through the scheme. Following his arrest on March 6, a special Gurugram court granted the agency six-day custodial interrogation.
Further investigations are underway to trace and recover the laundered money.
