The Enforcement Directorate (ED) has arrested Ashish Bhalla, the promoter of World Trade Centers (WTC) Group, in connection with a ₹3,000 crore real estate fraud case under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Bhalla was taken into custody in Gurugram on March 6, 2025, following an extensive probe into allegations of large-scale financial misappropriation involving investors across multiple states.
The investigation revealed that Bhalla and other WTC Group promoters, including Suparna Bhalla and Abhijeet Bhalla, along with Bhutani Infra, had engaged in fraudulent practices, cheating thousands of homebuyers and investors through a well-planned conspiracy. According to ED sources, the group had collected over ₹3,000 crore from investors across Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, Punjab, and other states, with promises of assured returns in exchange for investments in plots and commercial spaces. However, instead of utilizing the funds for the promised developments, the money was allegedly diverted through shell companies to purchase land at various locations.
Further investigations uncovered that hundreds of crores were funneled abroad to suspicious entities in Singapore, which were allegedly controlled by Bhalla’s family members. The ED also noted that Bhalla had evaded authorities and attempted to obstruct the investigation, remaining absconding for several days. During search operations conducted under Section 17 of the PMLA on February 27, Bhalla reportedly induced key individuals to not cooperate with investigators. The Special Court in Gurugram has now granted six days of ED custody for custodial interrogation.
WTC Licenses Cancelled Amid Fraud Probe
As the probe intensified, the World Trade Centers Association (WTCA) took action by terminating 13 licenses associated with WTC Noida Development and Spire Techpark on February 19, 2025. The cancellations were enforced due to multiple violations of license agreements and non-compliance with WTCA bylaws.
The terminated licenses include projects in WTC Ahmedabad, WTC Amritsar, WTC Bhopal, WTC Chandigarh, WTC Faridabad, WTC GIFT City, WTC Lucknow, WTC Noida, WTC Noida CBD, WTC Patna, WTC Surat, WTC Vadodara, and WTC Varanasi. The WTCA, an international network of over 300 business organizations across 100 countries, stated that these projects had failed to advance the objectives of the Association, leading to their immediate termination.
ED Conducts Raids and Identifies Massive Assets
As part of its investigation, the ED carried out search operations in multiple locations across Delhi, Noida, Faridabad, and Gurugram on February 27 under the provisions of the Prevention of Money Laundering Act. These searches targeted WTC Group, Bhutani Group, and their respective promoters, Ashish Bhalla and Ashish Bhutani.
The financial probe agency stated that it has identified assets worth thousands of crores linked to these fraudulent transactions. Dozens of FIRs were filed by the Economic Offences Wing of the Delhi Police and the Faridabad Police against the accused entities, based on complaints lodged by hundreds of defrauded investors and homebuyers.
The case highlights the growing concerns over fraudulent practices in India’s real estate sector, where developers lure investors with assured returns and high-value commercial projects before diverting funds through complex financial schemes. The ED’s ongoing investigation aims to uncover the full extent of the fraud and bring those responsible to justice.
