The Gurugram zonal office of the Enforcement Directorate (ED) has arrested Anil Bhalla, chairman-cum-managing director, and Gautam Bhalla, promoter of Vatika Limited (Vatika Group), on Monday under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official statement, the ED had recorded an Enforcement Case Information Report (ECIR) against Vatika Limited, its promoter-directors Anil Bhalla, Gautam Bhalla and Gaurav Bhalla. The ECIR was based on multiple FIRs registered by the Economic Offences Wing (EOW) of the Delhi Police under Sections 420, 406 and 120-B of the IPC, alleging fraudulent inducement and non-delivery of residential plots.
The ED investigation revealed that between 2010 and 2012, seven purchaser entities paid approximately Rs 260 crore, the entire sale consideration upfront, to Vatika Limited for residential plots in its Vatika India Next projects in Sectors 84/85 and Vatika India Next-2 in Sector 88A), Gurugram.
Further, plot-wise agreements were executed in 2014 and 2015. Thereafter, the project layouts were revised, with the originally allotted plots being renumbered/relocated, and the project land continued to be allotted and sold to different purchasers.
In Vatika India Next-2, not a single plot out of about 1.10 lakh square yards of land, purchased for approximately Rs 90 crore, has been delivered even after about 14 years. Delivery in Vatika India Next has also been only partial, with plots valued at approximately Rs 140.73 crore remaining undelivered even today.
“Investigation findings reveal that Anil Bhalla has personally supervised the key decisions in the transactions under investigation and Gautam Bhalla is a key promoter of the Group who executed important agreements, held directorships in, and exercised control over, its land-owning entities, and continued to manage its operations,” said an ED official.
“The material collected shows that major decisions were taken jointly by these two persons,” the official added.
The agency also found that the project land was held through about 22 group companies. These companies had no employees or separate business activities. They were mainly used to give corporate guarantees and manage the group’s land bank, including its mortgage to financial institutions.
The bank accounts of M/s Vatika Limited were also examined. The analysis showed that the money received from purchasers was not used only for the projects for which it was collected. Instead, the money was transferred to other group companies and promoter-linked entities that were not part of those projects.
In a separate transaction in 2024, Scaler Ventures paid Rs. 473.18 crore under an Agreement to Sell and a Buy-Back Agreement. Only 15 of the 165 plots were bought back, while 14 of the remaining 150 plots were allegedly sold to third parties for about Rs. 13.62 crore without Scaler Ventures’ knowledge or consent.
The ED has so far quantified the proceeds of crime in the case at about Rs 154.36 crore.
Earlier, the agency had conducted search operations under Section 17 of the PMLA at seven premises. From the residential premises of one of the accused, it recovered a Mercedes-Benz GLC 300 and gold and diamond jewellery weighing more than 1.3 kg and valued at about Rs 1.55 crore. Bank accounts and fixed deposits worth about Rs 3.04 crore were also frozen.
Subsequent to their arrest, the two accused were produced before the Special Court (PMLA), Gurugram, on Tuesday. The court remanded them to ED custody till October 3.
Further investigation is under way.
