ANI
07 Mar 2025, 16:51 GMT+10
New Delhi [India], March 7 (ANI): The Enforcement Directorate (ED) has arrested WTC group promoter Ashish Bhalla in an alleged real estate fraud case involving cheating and duping thousands of investors of their money through a well-planned conspiracy.
ED said its Gurugram office arrested Bhalla a day ago for custodial interrogation under the Prevention of Money Laundering Act (PMLA) provisions. Bhalla was produced before a special PMLA court in Gurugram, which granted his six-day ED custody.
During investigations, ED said, it was revealed that after promising assured returns in exchange for their investment against plot and commercial space, the funds were diverted and siphoned off to several shell companies to acquire lands at various locations.
'Investigations have also revealed that hundreds of crores were also diverted abroad to suspicious entities in Singapore whose beneficial ownership is with family members of Ashish Bhalla,' claimed the ED.
Further, the ED said that its investigation has revealed that WTC group had collected more than Rs 3,000 crore from various investors across several states, such as Haryana, Uttar Pradesh, Chandigarh, Ahmadabad, and Punjab.
Earlier, ED had conducted search operations on February 27, 2024, during which Bhalla remained absconding and induced key persons against cooperating with the investigation. 'Bhalla remained absconding for several days in an attempt to frustrate proceedings under PMLA.'
'It was revealed that he is a key beneficiary and mastermind of the fraudulent activities of the group and has made unlawful gains through the scheme,' said the federal agency. (ANI)
Get a daily dose of Myanmar Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Myanmar Sun.
More InformationNEW DELHI, India: At least 90 people have lost their lives and hundreds more have been displaced as unrelenting monsoon rains continue...
KATHMANDU, Nepal: Nepal's government announced this week that it is blocking access to most major social media platforms — including...
JAIPUR, India: On the edge of Jaipur, a sprawling industrial hub has emerged as the focal point of India's ambitious drive to rival...
CAPE CANAVERAL, Florida: Skywatchers are in for a cosmic treat this weekend as the year's second total lunar eclipse makes its appearance...
LAHORE, Pakistan: India has issued a second warning to Pakistan within two weeks about the risk of cross-border flooding as relentless...
JHANG, Pakistan: Emergency workers in Pakistan's Punjab province are racing against time to save people trapped by record-breaking...
JERUSALEM - Israeli Prime Minister Benjamin Netanyahu has vowed to continue his country's war in Gaza, and in Jerusalem, following...
NEW DELHI, India: At least 90 people have lost their lives and hundreds more have been displaced as unrelenting monsoon rains continue...
BOGOTA, Colombia: Colombia's Constitutional Court on September 4 upheld a 2024 law banning bullfights across the country, while going...
WASHINGTON, D.C.: The White House defended a major raid at a Hyundai facility in Georgia, saying it underscored the Trump administration's...
A wave of excitement and rigorous skepticism continues to sweep through the astronomical community following a series of groundbreaking...
PARIS, France: French millennials are venting their frustration at baby boomers, blaming the older generation for leaving them with...
