ED attaches Rs 68 corre worth assets of Vatika Ltd in PMLA case

New Delhi: The Enforcement Directorate Friday said it has attached assets worth more than Rs 68 crore of Gurugram-based real estate group Vatika Limited as part of a money laundering investigation linked to alleged cheating of investors who deposited funds in its future projects.

The money laundering case stems from a 2021 FIR of the Economic Offences Wing (EOW) of the Delhi Police against the company, its promoters Anil Bhalla, Gautam Bhalla and others related to offences of c riminal conspiracy, cheating and dishonestly inducing innocent investors/buyers, the agency said in a statement.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) on Thursday to attach nine immovable properties, including 27.36 acres of agricultural land, worth Rs 68.59 crore in a "builder-investor" case related to Vatika Limited, it said.

The company could not be contacted for a response.

The ED claimed its probe found that Vatika Limited was involved in "alluring" the investors for making payments for future projects, against " high-value" of returns like assured returns till completion and lease-rent return after completion of projects.

However, mid-way, the company "stopped" paying the assured return and didn't hand over the respective units, thereby committing offences of criminal conspiracy, cheating and dishonestly inducing delivery of property, etc., it said.

"The company has not followed the due procedures such as non-renewal of the licences from DTCP (department of town and country planning) from time to time, lapses with respect to completion of the said projects within timeline," it said.

As per the agency, more than 600 investors had invested about Rs 248 crore in four of the company projects named Vatika Inxt City Centre Tower D, E and F in Gurugram, Vatika Mindscapes Tower-C in Faridabad, Vatika Towers (Tower-C) at Gurugram and Vatika High Street (part of V'Lante) in Gurugram.

"Even after several years (in some cases 8 to 12 years), these projects have either not completed or deferred by the company and till date no conveyance deed has been executed by the company," the ED said.