ED seizes, freezes ₹33 crore assets of Vatika promoters in homebuyer 'fraud' case
The ED has seized and frozen assets worth ₹33 crore linked to Vatika Ltd promoters in a money laundering probe over alleged fraud with homebuyers. The agency alleged that plots worth ₹120 crore were delivered against ₹260.30 crore received.
The Enforcement Directorate (ED) has seized and frozen assets worth ₹33 crore in connection with a homebuyer fraud case against the promoters of Vatika Ltd., a Gurugram-based real estate company. The ED conducted searches at seven residential and official premises linked to the directors of the company in Delhi-NCR. In addition to seizing documents, the ED took possession of three luxury vehicles, jewellery, and bank accounts and securities valued at ₹33 crore during the raids.
The ED registered the case under the Prevention of Money Laundering Act (PMLA), following multiple First Information Reports (FIRs) lodged by the Economic Offences Wing (EOW) of the Delhi Police. The EOW had charged promoters Anil Bhalla, Gautam Bhalla, and Gaurav Bhalla, along with others, with fraudulent inducement, non-delivery of residential plots, and other related offenses.
The ED alleges that a substantial amount of money was received upfront from complainants for the allotment and sale of residential plots in projects like Vatika India Next and Vatika India Next-2. However, a significant portion of the promised plots was not delivered even after several deadlines had passed. The ED claims that the accused also sold 14 plots clandestinely to third parties without obtaining proper consent from the victim company.
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