ED Targets Delhi-NCR Developer in ₹2,348 Cr Real Estate Fraud

In a significant move, the Enforcement Directorate (ED) announced the provisional attachment of assets valued at ₹2,348 crore in connection with an ongoing money-laundering probe into WTC Faridabad Infrastructure Private Limited and other WTC Group entities led by Ashish Bhalla.

Properties Across Delhi-NCR and Goa Frozen

According to the ED, the attached assets include around 159 acres of both licensed and unlicensed land and a substantial volume of unsold real estate inventory across key markets such as Delhi, Gurugram, Faridabad, and Noida. Residential units in Goa and commercial properties in the Delhi-NCR region were also part of the seizure.

The action was taken under provisions of the Prevention of Money Laundering Act (PMLA), with the ED terming the case a “massive real estate fraud.”

Over 12,000 Investors Reportedly Duped

The roots of the investigation lie in over 30 FIRs registered by Faridabad Police and the Economic Offences Wing of Delhi Police. These complaints alleged that thousands of investors were cheated by the WTC Group through false promises of assured returns on investments in commercial and residential properties under the WTC brand name.

₹2,700 Crore Raised, But Funds Diverted

Investigators have alleged that the company collected over ₹2,700 crore from investors spread across Haryana, Uttar Pradesh, Punjab, and Chandigarh. However, a large chunk of this money was neither used for project development nor returned to investors.

Instead, the ED believes that the funds were siphoned off and routed abroad to Singapore-based entities allegedly controlled by Bhalla’s close family members.

Promoter Already Under Arrest

Ashish Bhalla, the key figure behind the accused companies, was arrested by the ED in March 2025. His arrest followed mounting evidence of financial misappropriation and diversion of investor funds under the guise of real estate development.

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