ED arrests promoter, chairman of Gurugram-based Vatika Group in money laundering case

The Enforcement Directorate (ED) has arrested the promoter and the chairman of Gurugram-based realty firm Vatika Group in connection with a money laundering probe

The Enforcement Directorate (ED) has arrested the promoter and the chairman of Gurugram-based realty firm Vatika Group in connection with a money laundering probe linked to alleged fraud with homebuyers, the agency said on Wednesday.

Anil Bhalla, chairman-cum-managing director, and Gautam Bhalla, promoter, were taken into custody

Anil Bhalla, chairman-cum-managing director, and Gautam Bhalla, promoter, were taken into custody under the prevention of money laundering act or PMLA, on Monday and were produced before a special court in the city.

ED said in a statement that its probe stems from a Delhi Police first information report (FIR) against the Vatika Group and the promoters, which alleged fraudulent inducement, non-delivery of residential plots and related offences.

Anil Bhalla personally supervised the key decisions in the transactions under investigation and Gautam Bhalla was a key promoter of the group who executed important agreements, held directorships in, and exercised control over, its land-owning entities, and continued to manage its operations, ED said.

“The material collected shows that major decisions were taken jointly by these two persons,” the agency added.

Between 2010 and 2012, according to the agency, seven purchaser entities paid about ₹260 crore upfront to Vatika Limited for residential plots in its projects Vatika India Next and Vatika India Next-2 , Gurugram.

“Plot-wise agreements were executed in 2014 and 2015 and subsequently the project layouts were revised, the plots originally allotted were renumbered/relocated, and the project land continued to be allotted and sold to different purchasers,” it said.

In Vatika India Next-2, not a single plot out of about 1.10 lakh sq. yds. purchased for ₹90 crore has been delivered even after about 14 years, while delivery in Vatika India Next has been only partial, the agency said.

“Thus, substantial portions of the plots comprising value of approximately ₹140.73 crore remain undelivered even today,” the ED alleged.

HT has reached out to Vatika group for a comment. This story will be updated when the comment is received.