ED Arrests WTC Promoter Ashish Bhalla in ₹1000 Crore Real Estate Fraud Case
(Judicial Quest News Network)
The Directorate of Enforcement (ED) has arrested Ashish Bhalla, the promoter of the WTC Group of Companies, on March 6, 2025, under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a massive real estate fraud case involving WTC Faridabad Infrastructure Pvt. Ltd. The fraud, which exceeds ₹1000 crore, has duped hundreds of investors.
The Hon’ble Special Court in Gurugram has granted the ED six days of custody for Bhalla. The investigation was triggered by over 30 FIRs filed by Faridabad Police, Delhi’s Economic Offences Wing (EOW), and other law enforcement agencies. These allegations canter around cheating, fraud, and criminal conspiracy, primarily involving the non-delivery of promised real estate projects after collecting substantial funds from investors.
According to ED investigations, the WTC Group launched five major projects under the WTC brand, attracting investments by offering assured returns in exchange for plots or commercial spaces. However, instead of utilizing the funds for development, they were diverted to shell companies and used to acquire land in various locations. Additionally, hundreds of crores were allegedly transferred abroad to suspicious entities in Singapore, controlled by Bhalla’s family members.
The investigation revealed that WTC Group had raised over ₹3000 crore from investors across multiple states, including Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, and Punjab, but the majority of the funds were never utilized for the intended development. Bhalla is identified as the key beneficiary and mastermind behind this fraudulent scheme.
Despite being absconding during an earlier ED search on February 27, 2024, Bhalla was apprehended on March 6, 2025, to prevent him from tampering with evidence and obstructing the investigation. The ED’s probe continues, with further developments expected.
