The Enforcement Directorate (ED) conducted raids on 12 locations linked to WTC Builder and the Bhutani Group on Thursday. These raids took place across Delhi, Noida, Faridabad, and Gurugram. The action is reportedly related to allegations of fraud against investors.
The ED initiated investigations at these locations. This step follows allegations that WTC Builder and the Bhutani Group defrauded investors of crores of rupees and failed to complete several projects.
Raids at 12 Locations Amidst Fraud Allegations
The Enforcement Directorate (ED) conducted raids on Thursday at the offices of WTC Builder, its promoter Ashish Bhalla, and 12 other locations connected to the Bhutani Group. These actions were carried out in Delhi, Noida, Faridabad, and Gurugram.
Sources indicate that the WTC Group launched numerous projects in Faridabad, Noida, and other areas. However, it is alleged that the company collected over ₹1000 crore from investors but failed to complete these projects over the past 10-12 years. Several FIRs have already been registered against WTC Builder, Ashish Bhalla, and the Bhutani Group by the Faridabad police and the Economic Offences Wing (EOW) in Delhi.
News agency PTI, citing officials, reported that the ED's Gurugram office conducted raids on more than a dozen premises in Delhi, Noida, Faridabad, and Gurugram under the Prevention of Money Laundering Act (PMLA). However, an immediate response from WTC Builder was not available, while a response from the Bhutani Group is awaited.
