Gurgaon: ED has conducted searches at seven residential and business premises across Delhi-NCR linked to Vatika Limited and its promoter-directors, seizing or freezing assets worth Rs 33 crore as part of a major money laundering investigation.Officials from the Gurgaon zonal office carried out the searches on Aug 25 under provisions of Prevention of Money Laundering Act, 2002, as part of an investigation arising from FIRs registered by Delhi Police‘s Economic Offences Wing. The allegations include fraudulent inducement, non-delivery of residential plots and other related offences.ED has registered an enforcement case information report against Vatika Limited and promoter-directors Anil Bhalla, Gautam Bhalla and Gaurav Bhalla, besides others.According to the agency, its investigation has prima facie uncovered a common pattern in transactions involving the group’s ‘Vatika India Next‘ and ‘Vatika India Next-2‘ projects. Substantial amounts were allegedly collected upfront towards the allotment and sale of residential plots, but a significant number of these remained undelivered despite repeated deadlines.ED said approximately Rs 260.3 crore was received by the company between 2010 and 2012, against which plots worth around Rs 120 crore were handed over. The remaining ones allegedly remained undelivered even after 14 years, despite repeated efforts to secure them.During the searches, agency officials found a range of allegedly incriminating material, including property-related documents concerning Vatika promoters and directors, audited financial statements, records relating to the movement and alleged diversion of funds, and details of the money received from complainants. ED also seized three high-end luxury vehicles and jewellery, and froze bank accounts and securities.The investigation has also brought under the scanner various land-owning and group entities as well as key persons associated with Vatika Group. ED alleged that 14 plots in the same project were clandestinely sold to third parties without obtaining consent from the buyers.
