ED identifies over Rs 200 cr assets in raids at 15 places across Delhi, Gurugram in money laundering case

The Enforcement Directorate (ED) has identified properties worth more than Rs 200 crore during raids conducted at 15 premises in the national capital and its neighbouring Gurugram city three days ago in the case of Vatika Limited and others under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said on Thursday.

The agency had carried out the searches on October 7 in the two cities in relation to a case wherein more than four hundred investors of various commercial projects did not receive assured returns as incorporated in the Builder Buyer Agents (BBAs), nor did the company hand over the commercial units to the buyers and investors.

During the search operations, the ED said, various incriminating documents and records related to investments of the buyers, loans borrowed by the group companies from the financial institutions and digital devices such as pen drives, hard drive, laptops and mobile phones have been seized.


ED initiated investigation on the basis of multiple First Information Reports registered during the 2021 by Economic Offence Wing, Delhi and Haryana Police under various sections of Indian Penal Code, 1860 against Vatika Limited and promoters Anil Bhalla, Gautam Bhalla and others related to offences of Criminal conspiracy, cheating and dishonestly inducing delivery of property.

ED said its investigation revealed that the Vatika Limited is involved in "alluring the investors for making payments for future projects, against high value of returns like assured returns till completion and lease-rent return after completion of projects."

"However, in mid-way, company stopped paying the assured return and didn't hand over the respective units in various projects in Faridabad and Gurugram thereby committed offences of criminal conspiracy, cheating and dishonestly inducing delivery of property," said the ED.

Further, the agency said, it is revealed that Vatika Group of companies had availed loans of more than Rs 5000 crore out of which approximately Rs 1200 crore was waived off by the Indiabulls company in a settlement with Vatika group and its promoters.

"It is also revealed during the investigation that the company has not followed the due procedures such as non-renewal of the licences from DTCP from time to time, lapses with respect to completion of the said projects within timeline," said the federal agency.

So far, the agency also said, the investigation findings reveal the involvement of approximately Rs 250 crore generated as Proceeds of Crime.