WTC Group’s Ashish Bhalla Arrested by ED in Real Estate Fraud Case

The Enforcement Directorate (ED) has arrested Ashish Bhalla, the promoter of WTC Group, in connection with an alleged multi-state real estate fraud case involving the misappropriation of over ₹3,000 crores from investors. His arrest comes days after the agency conducted extensive raids across multiple locations.

Allegations Against WTC Group

According to ED officials, the WTC Group collected massive funds from investors across Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, Punjab, and other states for 15 real estate projects in Delhi NCR. However, investigations revealed that only a few projects were delivered, while the majority of funds were allegedly siphoned off.

“Ashish Bhalla and his associates promised assured returns in exchange for investments in plots or commercial spaces, but the funds were diverted to shell companies to acquire lands at various locations,” an ED official stated.

Bhalla’s Role in the Fraud

The ED alleged that Bhalla actively obstructed the investigation, remained absconding for several days, and even tried to influence key witnesses. “He is a key beneficiary and mastermind behind the fraudulent activities of the group, making unlawful gains through the scheme,” a second ED official said.

Bhalla was arrested on Thursday and produced before a Gurugram court, which remanded him to ED custody for six days.

Ongoing Investigation and FIRs

The ED’s probe is based on multiple FIRs registered by the Economic Offences Wing (EOW) of the Delhi and Faridabad police. Complaints were filed by hundreds of investors and homebuyers against WTC Group, its promoters—including Ashish Bhalla, Suparna Bhalla, and Abhijeet Bhalla—as well as Bhutani Infra and others.

The FIRs allege that WTC Faridabad Infrastructure Private Limited lured buyers to invest in plots in Sector 111-114 of Faridabad but failed to deliver the promised properties for over a decade. The ED also highlighted concerns over Bhutani Infra acquiring WTC Group and re-launching the project while keeping the original investors in the dark.

International Money Trail and Ponzi Scheme Allegations

Documents recovered during the investigation reportedly show that WTC Group collected over ₹3,500 crores from investors. The ED described the case as a “well-orchestrated Ponzi scheme,” noting that assets were created under different entities while funds were siphoned abroad.

The agency revealed that more than ₹200 crores were transferred to Singapore and the USA, indicating the possibility of overseas asset acquisitions.

Sources By Agencies

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