ED arrests WTC group promoter Ashish Bhalla in real estate fraud case

March 7, 2025

New Delhi: The Enforcement Directorate (ED) has arrested Ashish Bhalla, the promoter of the WTC group, in connection with an alleged real estate fraud case. Bhalla is accused of defrauding thousands of investors by promising assured returns in exchange for investments in plots and commercial spaces, but instead diverting the funds through a conspiracy involving shell companies to acquire land.

The ED’s Gurugram office arrested Bhalla on March 6 for custodial interrogation under the Prevention of Money Laundering Act (PMLA). He was presented before a special PMLA court, which granted his six-day custody.

Investigations revealed that Bhalla’s group collected over Rs 3,000 crore from investors across several states, including Haryana, Uttar Pradesh, Chandigarh, Ahmedabad, and Punjab. The funds were allegedly diverted to shell companies and suspicious entities in Singapore, linked to Bhalla’s family members.

The ED further stated that Bhalla had been absconding after a search operation on February 27, 2024, and had attempted to prevent key individuals from cooperating with the investigation. Bhalla is said to be the mastermind behind the fraudulent activities of the WTC group, unlawfully benefiting from the scheme.