New Delhi
The Enforcement Directorate (ED) has identified properties valued over Rs 200 crore during raids at 15 locations in Delhi and Gurugram three days ago. This operation relates to Vatika Limited and other parties under the Prevention of Money Laundering Act (PMLA), according to the announcement on Thursday.
The searches took place on October 7, focusing on a case involving over 400 investors who did not receive the promised returns outlined in their Builder Buyer Agreements (BBAs). Additionally, the company failed to deliver the commercial units to these buyers.
During the raids, the ED seized incriminating documents, records of buyer investments, loans taken by the group, and digital devices, including pen drives, hard drives, laptops, and mobile phones.
The investigation began based on several First Information Reports (FIRs) filed in 2021 by the Economic Offence Wing (EOW) of Delhi and Haryana Police. These reports accuse Vatika Limited and its promoters, Anil Bhalla and Gautam Bhalla, of criminal conspiracy, cheating, and dishonestly inducing property transfers.
The ED’s findings indicate that Vatika Limited lured investors with promises of high returns until project completion. However, the company stopped making these payments midway and failed to deliver the units, committing serious offences. The agency also discovered that Vatika had taken loans exceeding Rs 5000 crore, with about Rs 1200 crore waived off in a settlement with Indiabulls. The investigation has revealed that approximately Rs 250 crore is linked to proceeds of crime.
