ED Launches Major Investigation into Vatika Limited: 15 Premises Raided In Multi-Crore Fraud Case Affecting Hundreds Of Investors
(Judicial Quest News Network)
On October 7, 2024, the Directorate of Enforcement (ED) conducted extensive search operations at 15 locations in New Delhi and Gurugram as part of an investigation into Vatika Limited and its promoters under the Prevention of Money Laundering Act (PMLA), 2002. The case involves over 400 investors who have not received promised returns on their investments in various commercial projects, nor have they been handed the units they purchased.
The ED’s investigation follows multiple FIRs filed in 2021 by the Economic Offence Wing of Delhi and Haryana Police, accusing Vatika Limited and its promoters—Anil Bhalla, Gautam Bhalla, and others—of criminal conspiracy, cheating, and dishonestly inducing delivery of property.
Evidence collected during the raids included incriminating documents regarding investor payments, loans from financial institutions, and digital devices such as laptops and mobile phones. The investigation has revealed that Vatika Limited lured investors with high returns but stopped payments midway and failed to deliver promised units in Faridabad and Gurugram.
The ED found that the company had taken loans exceeding Rs. 5,000 crore, with about Rs. 1,200 crore waived in a settlement with Indiabulls. Additionally, the investigation uncovered significant lapses in compliance with regulatory procedures, including the non-renewal of licenses from the DTCP.
Preliminary findings suggest that approximately Rs. 250 crore has been generated as proceeds of crime, with assets worth over Rs. 200 crore linked to these illicit activities identified during the operation. Further investigations are ongoing.
