In a major breakthrough, the Enforcement Directorate (ED) in Gurugram arrested Ashish Bhalla, the promoter of the WTC Group, under the Prevention of Money Laundering Act (PMLA) on Friday. Bhalla is accused of masterminding a massive real estate fraud that duped thousands of investors.
The investigation revealed that Bhalla and his associates promised investors assured returns in exchange for their investments in plots and commercial spaces. However, instead of fulfilling these promises, the funds were allegedly diverted to multiple shell companies, which were used to acquire land across various locations.
Further inquiry into the case uncovered a large-scale operation in which hundreds of crores were siphoned off to suspicious entities abroad, primarily in Singapore. These entities were reportedly owned by Bhalla’s family members. The WTC Group is believed to have collected more than Rs3,000 crore from investors across multiple states, including Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, and Punjab.
Ashish Bhalla’s arrest marks a significant development in the ongoing investigation into this widespread scam, which has left thousands of investors in financial distress. The ED continues to probe the extent of the fraud and the illicit funds transfers involved.
