ED raids major real estate builders in Delhi-NCR for money laundering, including World Trade Center and Bhutani Group
Enforcement Directorate (ED) on Thursday searched multiple premises of two real estate companies and their promoters in Delhi-NCR as part of a money laundering investigation linked to alleged fraud involving homebuyers, officials said. The action was taken against WTC Builder, its promoter Ashish Bhalla, and the Bhutani Group, among others, a PTI report stated.
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Raids conducted in multiple locations
As per the PTI report, the ED’s Gurugram office carried out searches at about a dozen locations in Delhi, Noida, Faridabad, and Gurugram under the Prevention of Money Laundering Act (PMLA). Officials told PTI that the searches were related to alleged financial irregularities involving real estate investments.
Origins of the money laundering probe
As per the report, the investigation follows First Information Reports (FIRs) filed by Faridabad police and the Economic Offences Wing of Delhi Police against WTC Builder, Bhalla, and the Bhutani Group. Authorities are probing claims that the companies misused funds collected from investors.
Allegations of fund mismanagement
Officials stated that the WTC group has multiple projects in Faridabad, Noida, and other locations. The group is accused of collecting over Rs 1,000 crore from investors but failing to deliver projects over the past 10-12 years.
Company responses awaited
As per the PTI report, attempts to
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