GURUGRAM, HARYANA — The Enforcement Directorate (ED) has arrested Anil Bhalla, Chairman-cum-Managing Director of Vatika Group, and promoter Gautam Bhalla in connection with a money laundering investigation. The arrests, made on September 28 under the Prevention of Money Laundering Act (PMLA), stem from allegations of fraudulent sale and non-delivery of residential plots in Gurugram.
The Bhallas were presented before a Special PMLA Court in Gurugram and remanded to ED custody until October 3. The case originates from multiple FIRs filed by the Economic Offences Wing of Delhi Police against Vatika Limited and its directors.
Investigation Reveals Undelivered Plots and Diverted Funds
According to the probe agency, seven entities paid approximately Rs 260 crore between 2010 and 2012 for residential plots in Vatika India Next (Sectors 84 & 85) and Vatika India Next-2 (Sector 88A), Gurugram. Despite plot-wise agreements executed in 2014 and 2015, many plots remain undelivered.
Specifically, in Vatika India Next-2, no plots from an area of about 1.10 lakh square yards, purchased for around Rs 90 crore, have been delivered even after 14 years. Delivery in Vatika India Next has been only partial, with plots worth approximately Rs 140.73 crore still undelivered.
The ED's investigation uncovered that project layouts were later revised, with originally allotted plots renumbered or relocated. Furthermore, the same project land was allegedly allotted and sold to other purchasers.
Allegations of Money Laundering and Corporate Misconduct
The ED asserts that Anil Bhalla oversaw crucial decisions related to these transactions, while Gautam Bhalla, a key promoter, executed significant agreements and controlled land-owning entities. The agency found that major decisions were made jointly by the two individuals.
The project land was held through approximately 22 group companies, which, according to the ED, lacked employees or distinct business activities, primarily serving to provide corporate guarantees and manage land banks. An analysis of Vatika Limited’s bank accounts revealed that funds received from purchasers were not solely used for the intended projects but were diverted to other group companies and promoter-linked entities unrelated to those specific developments.
The ED has quantified the proceeds of crime in this case so far at approximately Rs 154.36 crore.
Further Irregularities and Recovered Assets
The investigation also highlighted a separate 2024 transaction involving Scaler Ventures, which paid Rs 473.18 crore under an Agreement to Sell and a Buy-Back Agreement. Only 15 of 165 plots were bought back, with 14 of the remaining 150 plots allegedly sold to third parties for about Rs 13.62 crore without Scaler Ventures' knowledge or consent.
Earlier searches conducted by the ED at seven premises led to the recovery of a Mercedes-Benz GLC 300, gold and diamond jewellery weighing over 1.3 kg valued at approximately Rs 1.55 crore, and the freezing of bank accounts and fixed deposits worth around Rs 3.04 crore.