The Enforcement Directorate ED has arrested the promoter of WTC Group Ashish Bhalla under the provisions of the Prevention of Money Laundering Act in the case of Real Estate fraud involving cheating and duping thousands of investors of their money through well planned conspiracy.
ED said, during investigations, it was revealed that after promising assured returns in exchange for their investment against plot and commercial space, the funds were diverted and siphoned off to several shell companies to acquire lands at various locations. Investigations have also revealed that hundreds of crores were also diverted abroad to suspicious entities in Singapore whose beneficial ownership is with family members of Ashish Bhalla.
Further investigation has revealed that WTC group had collected more than three thousand crore rupees from various investors across several states and UTs such as Haryana, Uttar Pradesh, Chandigarh, Gujarat and Punjab.
Earlier, ED conducted search operations last month during which Ashish Bhalla remained absconding and induced key persons to cooperate with the investigation. He remained absconding for several days in an attempt to frustrate proceedings under PMLA. It was revealed that he is a key beneficiary and mastermind of the fraudulent activities of the group and has made unlawful gains through the scheme.
