The Enforcement Directorate on Thursday said it has seized and frozen assets worth ₹33 crore following searches against promoters of a Gurugram-based real estate company as part of a money laundering investigation into a "fraud" with homebuyers.
The raids were undertaken at seven residential and official premises linked to the promoters-directors of Vatika Ltd. in Delhi-NCR, the central agency said in a statement.
Apart from recovering documents, the ED seized and froze three luxury vehicles, jewellery and bank accounts and securities valued at ₹33 crore during the searches, it said.
The ED registered its case under the Prevention of Money Laundering Act (PMLA), taking cognisance of multiple FIRs registered by the Economic Offences Wing (EOW) of Delhi Police. The EOW had booked the company's promoters -- Anil Bhalla, Gautam Bhalla and Gaurav Bhalla -- and others on charges of fraudulent inducement, non-delivery of residential plots and other related offences.
Prima facie, a common pattern has been found in transactions relating to projects like 'Vatika India Next' and 'Vatika India Next-2', where "substantial" amounts were received upfront from complainants towards allotment and sale of residential plots. However, a "significant" portion of the promised plots was not delivered even after multiple deadlines lapsed, the ED said.
About ₹260.30 crore was received from the victim entities between 2010 and 2012 and plots worth ₹120 crore were delivered, it said.
"However, the remaining plots were not delivered even after 14 years, despite several attempts by the victim entities to obtain them," the ED alleged.
The accused, in the same projects, also sold 14 plots "clandestinely" to third parties without taking due consent from the victim company, the agency claimed.
