6 days ago
ED Freezes ₹33 Crore Assets in Vatika Homebuyer Fraud Case
The Directorate of Enforcement searched places connected to Vatika Limited.
The company is being investigated over alleged problems involving homebuyers and plot buyers.
Buyers paid money for plots in two projects called Vatika India Next and Vatika India Next-2.
The ED said ₹260.30 crore was collected between 2010 and 2012.
It said plots worth about ₹120 crore were delivered, but many other plots were not delivered.
The agency also alleged that 14 plots were sold to other people without permission.
Investigators collected papers and electronic devices during searches at seven places.
They also seized or froze vehicles, jewellery, bank accounts and securities worth about ₹33 crore.
The Directorate of Enforcement searched seven premises linked to Vatika Limited promoters in Delhi-NCR on August 25.
The investigation concerns alleged fraudulent inducement and non-delivery of plots in the Vatika India Next and Vatika India Next-2 projects.
The ED said victim entities paid ₹260.30 crore between 2010 and 2012, while plots worth about ₹120 crore were delivered.
The agency alleged that the remaining plots were not delivered after 14 years and that 14 plots were sold to third parties without consent.
Officials seized documents and digital devices and seized or froze vehicles, jewellery, bank accounts and securities worth approximately ₹33 crore.
- Who
- The Directorate of Enforcement investigated Vatika Limited, its promoter-directors Anil Bhalla, Gautam Bhalla and Gaurav Bhalla, and others.
- What
- The ED searched seven premises and seized or froze assets worth approximately ₹33 crore in an alleged real estate fraud and money laundering case.
- Where
- The searches took place at residential and official premises in Delhi-NCR linked to Vatika Limited and its promoters.
- When
- Searches took place on August 25, and the ED issued statements on August 27; the year is not specified in the articles.
- Why
- The investigation concerns alleged fraudulent inducement, non-delivery of residential plots, suspected movement or diversion of funds, and related offences.
Key facts
- Investigating agency
- Directorate of Enforcement, Gurugram Zonal Office
- Legal framework
- Prevention of Money Laundering Act, 2002
- Company
- Vatika Limited
- Projects
- Vatika India Next and Vatika India Next-2
- Premises searched
- Seven residential and official premises in Delhi-NCR
- Amounts cited
- ₹260.30 crore received from victim entities; plots worth approximately ₹120 crore delivered
- Assets seized or frozen
- Three luxury vehicles, jewellery, bank accounts and securities worth approximately ₹33 crore
Quotes
Enforcement Directorate
India’s central financial crime investigation agency
“However, the remaining plots were not delivered even after 14 years, despite several attempts by the victim entities to obtain them.”
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Sources
ED seizes, freezes ₹33 crore assets of Vatika promoters in homebuyer 'fraud' case
Real estate fraud: ED seizes Rs 33 crore assets of Vatika Ltd, officials
ED freezes assets worth Rs 33 crore after raids against Gurugram realty group
ED freezes assets worth Rs 33 crore after raids against Gurugram realty group
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