Daijiworld Media Network- New Delhi
New Delhi, May 6: In a massive crackdown on financial irregularities in the real estate sector, the Enforcement Directorate (ED) has attached assets worth a staggering Rs 2,348 crore belonging to WTC Faridabad Infrastructure Pvt Ltd and associated entities under the World Trade Center (WTC) group, led by Ashish Bhalla.
The attached properties include over 159 acres of licensed and unlicensed land, along with a large inventory of unsold commercial and residential units spread across Delhi-NCR, including Faridabad, Gurugram, Noida, and residential properties in Goa. Commercial premises in the Delhi-NCR region have also been brought under the ambit of attachment.
According to ED sources, the action stems from over 30 FIRs lodged with Faridabad Police, Delhi Economic Offences Wing, and other state enforcement bodies. The complaints accuse the group of criminal conspiracy, cheating, and large-scale fraud under various sections of the Indian Penal Code, 1860.
Investigations revealed that more than 12,000 unsuspecting investors were duped by Ashish Bhalla and his group companies through schemes that promised high returns on investments in plots and commercial spaces under the prestigious WTC brand. The probe further revealed that over Rs 2,700 crore had been collected from investors in Haryana, Uttar Pradesh, Punjab, and Chandigarh.
However, a significant portion of the collected funds was reportedly diverted and siphoned off by Bhalla and never utilised for actual project development. Alarmingly, a large chunk of the money was routed to foreign entities based in Singapore, allegedly owned by Bhalla’s close family members, ED officials disclosed.
The financial investigation agency had earlier conducted extensive search operations on February 27, 2024. During this period, Bhalla allegedly went into hiding and attempted to manipulate key witnesses. He was later arrested on March 6, 2025, on charges of obstructing justice and tampering with evidence.
Terming the attached assets as "direct proceeds of crime," the ED has intensified its probe, marking this as one of the biggest crackdowns on real estate fraud in the NCR region in recent years. Further investigations are ongoing to trace additional beneficiaries and financial trails linked to the scam.