New Delhi, Sep 30 (IANS) : The Enforcement Directorate (ED) has arrested Anil Bhalla, Chairman-cum-Managing Director of Vatika Limited, and company promoter Gautam Bhalla in connection with a money laundering case involving alleged non-delivery of residential plots and diversion of funds.
The arrests were made on September 28 by the ED’s Gurugram Zonal Office under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002.
The agency had registered an Enforcement Case Information Report (ECIR) against Vatika Limited, its promoter-directors Anil Bhalla, Gautam Bhalla, Gaurav Bhalla, and others.
The case is based on multiple FIRs registered by the Economic Offences Wing (EOW) of the Delhi Police under Sections 420, 406 and 120-B of the Indian Penal Code (IPC), 1860, relating to alleged fraudulent inducement, non-delivery of residential plots and other offences.
According to the ED, its investigation found that between 2010 and 2012, seven purchaser entities paid around Rs 260 crore to Vatika Limited as the full sale consideration for residential plots in its projects Vatika India Next in Sectors 84 and 85 and Vatika India Next-2 in Sector 88A, Gurugram.
Plot-wise agreements were subsequently executed in 2014 and 2015. However, the agency alleged that the project layouts were later revised, resulting in changes in the numbering and locations of the plots originally allotted to purchasers. The project land was also allegedly allotted and sold to other purchasers.
The ED said that in Vatika India Next-2, none of the plots covering approximately 1.10 lakh square yards, for which around Rs 90 crore had been paid, had been delivered even after nearly 14 years. Delivery in Vatika India Next was only partial. According to the agency, plots worth approximately Rs 140.73 crore remain undelivered.
The investigation further found that Anil Bhalla supervised key decisions related to the transactions under scrutiny, while Gautam Bhalla was a key promoter who executed important agreements, held directorships in land-owning entities and exercised control over their operations. The agency said major decisions were taken jointly by the two accused.
The ED also found that the project land was held through around 22 group companies. According to the agency, these entities had no employees or independent business activities and were primarily used for providing corporate guarantees and managing the group’s land bank, including mortgaging properties to financial institutions.
An analysis of Vatika Limited’s bank accounts allegedly showed that funds received from purchasers were not used exclusively for the projects for which they were collected. Instead, the money was transferred to other group companies and promoter-linked entities that were not part of the projects.
In a separate transaction in 2024, Scaler Ventures allegedly paid Rs 473.18 crore under an Agreement to Sell and Buy-Back Agreement. Only 15 of the 165 plots were subsequently bought back, while 14 of the remaining 150 plots were allegedly sold to third parties for around Rs 13.62 crore without Scaler’s knowledge or consent.
The ED said the proceeds of crime quantified so far in the case amount to approximately Rs 154.36 crore.
Earlier, the agency conducted searches at seven premises under Section 17 of the PMLA. From the residential premises of one of the accused, officials recovered a Mercedes-Benz GLC 300, gold and diamond jewellery weighing over 1.3 kg and valued at approximately Rs 1.55 crore. Bank accounts and fixed deposits worth around Rs 3.04 crore were also frozen.
Following their arrest, the accused were produced before the Special Court (PMLA) in Gurugram on September 29. The court remanded them to ED custody until October 3.
Further investigation in the case is underway.
