4 hrs ago

ED Arrests Two Vatika Promoters Over Undelivered Gurugram Plots

The Enforcement Directorate arrested Anil Bhalla and Gautam Bhalla of Vatika.

The arrests concern allegations that buyers paid for housing plots but did not receive all of them.

Seven purchasing entities allegedly paid about Rs 260 crore between 2010 and 2012.

The plots were in Vatika projects in Gurugram.

Investigators say some project plans were changed and plots were moved or sold to other buyers.

The ED says no plots in one project had been delivered after about 14 years.

It also says delivery in another project was only partial.

The agency alleges that money was transferred to other group companies instead of being used only for the projects for which it was collected.

The allegations remain part of the ongoing investigation.

Key facts

Accused: Anil Bhalla, Vatika Limited’s chairman and managing director, and Gautam Bhalla, a Vatika promoter
Legal provision: Section 19 of the Prevention of Money Laundering Act, 2002
Purchaser payments: About Rs 260 crore allegedly paid by seven purchasing entities between 2010 and 2012
Projects: Vatika India Next in Sectors 84 and 85 and Vatika India Next-2 in Sector 88A, Gurugram
Undelivered plots: About 1.10 lakh square yards purchased for approximately Rs 90 crore in Vatika India Next-2 allegedly remained undelivered
Alleged outstanding value: Plots worth approximately Rs 140.73 crore allegedly remain undelivered
Additional transaction: The ED alleged that Scaler Ventures paid Rs 473.18 crore under agreements involving 165 plots; 14 of 150 remaining plots were allegedly sold to third parties
Court status: A special PMLA court in Gurugram remanded the promoters to ED custody until October 3

businesstoday.in · 19 hrs ago

deccanchronicle.com · 4 hrs ago