ED arrests Vatika Group CMD, promoter in PMLA case

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The ED case under the Prevention of Money Laundering Act (PMLA) is based on multiple First Information Reports registered by the Economic Offences Wing of the Delhi police. File image for representation | Photo Credit: The Hindu

The Enforcement Directorate (ED) has arrested Vatika Limited chairman-cum-managing director Anil Bhalla and promoter Gautam Bhalla in an alleged money-laundering case linked to allegations of fraudulent inducement and non-delivery of residential plots.

The ED case under the Prevention of Money Laundering Act (PMLA) is based on multiple First Information Reports registered by the Economic Offences Wing of the Delhi police.

Between 2010 and 2012, seven purchaser entities paid ₹260 crore upfront to Vatika Limited as the entire sale consideration for residential plots in its Vatika India Next projects in Sectors 84/85 and Vatika India Next-2 in Sector 88A, Gurugram. Plot-wise agreements were subsequently executed in 2014 and 2015, the agency said.

Thereafter, the project layouts were revised, the plots originally allotted were renumbered or relocated, and the project land continued to be allotted and sold to different buyers. The ED alleged that in Vatika India Next-2, not a single plot out of about 1.10 lakh sq. yd. purchased for about ₹90 crore had been delivered even after nearly 14 years, while delivery in Vatika India Next had been only partial. As a result, plots worth about ₹140.73 crore remained undelivered, it said.

According to the ED, the project land was held through around 22 group companies which had no employees or separate business activities and were mainly used to provide corporate guarantees and manage the land bank, including its mortgage to financial institutions.

The agency examined the bank accounts of Vatika Limited and found that the money received from buyers was not used exclusively for the projects. Instead, the funds were transferred to other group companies and promoter-linked entities that were not part of these projects, it alleged.

In 2024, Scaler Ventures paid ₹473.18 crore under an Agreement to Sell and a Buy-Back Agreement. The ED alleged that only 15 of the 165 plots were bought back. Thereafter, 14 of the remaining 150 plots were allegedly sold to third parties for about ₹13.62 crore without Scaler’s knowledge or consent, alleged the ED.

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