Daijiworld Media Network – Goa

Goa, May 7: The Enforcement Directorate (ED) has provisionally attached residential properties in Goa as part of an ongoing crackdown on a massive real estate fraud led by Ashish Bhalla, head of the WTC group. The assets, valued at Rs 2,348 cr, are now under the agency’s control.

The attached properties in Goa are part of a larger portfolio of assets that span multiple regions, including Delhi-NCR, Gurugram, Faridabad, and Noida. The ED’s Gurugram Zonal Office initiated action under the Prevention of Money Laundering Act (PMLA), 2002, leading to the seizure of nearly 159 acres of land—both licensed and unlicensed—as well as a substantial inventory of unsold real estate.

Although the specific locations of Bhalla’s Goa-based holdings have not been disclosed, ED officials confirmed that these luxury residences were purchased using funds allegedly siphoned off from thousands of investors. Investigations revealed that over 12,000 investors were duped by Bhalla and his companies, who promised assured returns on investments in plots and commercial spaces under the WTC brand.

"The group collected over Rs 2,700 cr from investors across Haryana, Uttar Pradesh, Punjab, and Chandigarh. However, a significant portion of these funds was diverted by Bhalla, never reaching real estate development projects. Furthermore, a large sum was illegally transferred abroad to entities in Singapore, beneficially owned by Bhalla’s close family members," the ED said.

The investigation into Bhalla and his group gained momentum after the ED conducted search operations on February 27, 2024. Bhalla, who absconded during the search, was later arrested on March 6, on charges of attempting to influence witnesses and tamper with evidence. The properties now attached by the ED are believed to be direct proceeds of the crime.

This major action highlights the ED’s continued efforts to clamp down on financial crimes and protect the interests of investors.