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ED Red.
– Photo: Amar Ujala
Expansion
The Enforcement Directorate (ED) raided 15 locations in Delhi and Gurugram in a money laundering case involving Vatika Limited and others. During this period, ED identified assets worth more than Rs 200 crore. ED took this action under the provisions of the Prevention of Money Laundering Act (PMLA).
On October 7, ED had raided both the cities on charges of defrauding more than 400 investors. These people were included in Builder Buyer Agents (BBA). They were promised assured returns if they invested in the commercial projects of Vatika Limited, but neither did the company provide assured returns nor handed over the commercial units to the buyers and investors. ED said that investigation revealed that Vatika Limited stopped giving assured returns midway and also did not hand over the units concerned in various projects in Faridabad and Gurugram.
Pen drives, hard drives, laptops etc. confiscated
ED said that during the raid, various important documents and records related to the investments of the buyers, loans taken by the group companies from financial institutions and digital devices like pen drives, hard drives, laptops and mobile phones have been seized.
On this basis ED started investigation
ED has registered a case against Vatika Limited and promoters Anil Bhalla, Gautam Bhalla and others under various sections of the Indian Penal Code, 1860 on charges of criminal conspiracy, cheating and dishonest delivery of assets during 2021 on behalf of the Economic Offenses Wing, Delhi and Haryana Police. Initiated investigation based on several first information reports related to crimes.
Income worth Rs 250 crore from crime detected so far
The agency said that investigation has revealed that Vatika Group companies had taken loans of more than Rs 5000 crore. Of this, about Rs 1200 crore was waived off by Indiabulls Company in an agreement with Vatika Group and its promoters. It was also revealed that the company did not follow proper procedures.
The company failed to get the license renewed from DTCP from time to time and completed the projects on time. The agency also said that the investigation so far has revealed crime-related profits of around Rs 250 crore. Also, during the raid, ED has identified assets worth more than Rs 200 crore related to this profit.