The Enforcement Directorate (ED) conducted raids on twelve locations linked to WTC Builders and Bhutani Group last Thursday. These raids spanned Delhi, Noida, Faridabad, and Gurugram.
The raids were reportedly launched in response to allegations of fraud against investors. The ED initiated investigations at these locations. WTC Builders and Bhutani Group are accused of collecting crores of rupees from investors through fraudulent means and leaving numerous projects incomplete, prompting this action.
Raids at 12 Locations on Fraud Allegations
The Enforcement Directorate (ED) conducted raids on twelve locations linked to WTC Builder's offices, its promoter Ashish Balla, and the Bhutani Group last Thursday. These raids were carried out across Delhi, Noida, Faridabad, and Gurugram.
Sources suggest that the WTC Group initiated several projects in Faridabad, Noida, and other areas. However, allegations surfaced claiming the company collected over ₹1000 crore from investors without completing these projects over the past 10-12 years. Several FIRs have already been filed against WTC Builders, Ashish Balla, and the Bhutani Group by the Faridabad Police and the Economic Offences Wing (EOW) in Delhi.
According to officials cited by the news agency PTI, the ED's Gurugram office conducted raids at over a dozen locations in Delhi, Noida, Faridabad, and Gurugram under the Prevention of Money Laundering Act (PMLA). However, no immediate response was received from WTC Builders, and a response from the Bhutani Group is awaited.
