The Enforcement Directorate (ED) has taken major action on two real estate companies on Thursday. The ED has raided 12 locations associated with the WTC Builder and Bhutani Group. This raid has been conducted in Delhi, Noida, Faridabad and Gurugram. It is reportedly alleged that this action has been taken in the case of fraud from investors. WTC Builder and Bhutani Group are among the country’s big real estate companies. There are currently 74 projects of Bhutani Group and this company has so far built more than 90 lakh square feet. Projects of WTC Group are running in Faridabad, Noida and some other places.
Why was action taken?
This action has been taken on companies for fraudulent money laundering case with action buyers. Also, this action has been taken after several FIRs lodged against WTC Builder, its promoter Ashish Bhalla and Bhutani Group. The WTC builder is accused of raising an amount of more than Rs 1 thousand crore from investors, but did not complete the projects in the last 10-12 years. The ED conducted raids in many areas and during this time many important documents, laptops, mobile phones, desktops were seized. The ED team is investigating the matter under the Money Laundering Prevention Act. From Noida to Lucknow, Faridabad and Gurugram, the premises of the accused were raided. A search operation was conducted at the locations of Bhutani project on Shaheed Path in Lucknow. Also, a search was also conducted at the builder’s office in Sector-90 of Noida.
Big disclosure about takeover
After investigation on these two companies, a big disclosure has been made. Investigation has revealed that evidence of major transactions has been found between Bhutani Group and WTC. It has also come out that Bhutani Group was takingover to WTC. Where on one side there has been talk of takingover to WTC of Bhutani Group. At the same time, recently, Bhutani Group tookover the City Center Mall of Logics Group in Sector-32. This is not the first time that Bhutani Group has been raided. Earlier too, in January last year, the Income Tax Department raided. During this time, inputs of purchase and sale of properties in cash were revealed and 700-1000 crore transactions were also being investigated.
Why investigation is being done on WTC
According to the report revealed, the ED on the WTC Builder is being investigated with the fund diversion. Actually, projects are going on in many cities of the group. Many of these projects are incomplete and the money of investors is stuck in these projects. In such a situation, it is being investigated that when the project has not been completed yet and the investors have given money, where has the money of investors gone. On the other hand, if Bhutani Group was takingover to the WTC, then how much the deal has been done, how much money he has given. Also, what the money that Bhutani Group has given to WTC on takingover has done, where has he gone. Projects have been launched by WTC Builder on Sector-111 and 114 of Faridabad on about 110 acres of land. In which money has been taken in the name of plot booking, more than 500 acres of rupees have been taken from about 2 thousand investors, but the plot has not been handover to them. After this, more than 20 FIRs of fraud of crores of rupees have been registered against them, under which the ED has taken action.
