The Enforcement Directorate (ED) has arrested Vatika Group chairman-cum-managing director Anil Bhalla and promoter Gautam Bhalla in a money laundering investigation involving alleged fraudulent sale of residential plots and diversion of funds collected from purchasers in Gurugram. The agency has estimated the proceeds of crime in the case at approximately Rs 154.36 crore.
The two executives were arrested on September 28 under Section 19 of the Prevention of Money Laundering Act (PMLA). They were subsequently produced before a special PMLA court in Gurugram, which remanded them to ED custody until October 3.
Buyers paid Rs 260 crore for residential plots
According to the ED, seven purchaser entities paid approximately Rs 260 crore between 2010 and 2012 as the full sale consideration for residential plots in Vatika India Next in Sectors 84 and 85 and Vatika India Next-2 in Sector 88A of Gurugram. Although plot-specific agreements were executed in 2014 and 2015, the agency alleged that the original layouts were subsequently modified, resulting in the renumbering or relocation of allotted plots.
The investigation found that land earmarked for the projects was allegedly allotted or sold to other purchasers despite earlier agreements. In Vatika India Next-2, none of the plots covering approximately 1.10 lakh square yards, purchased for around Rs 90 crore, had been delivered even after nearly 14 years, the agency claimed.
Delivery in Vatika India Next was also only partial, with plots valued at approximately Rs 140.73 crore remaining undelivered. The ED alleged that these transactions formed part of a wider pattern of financial irregularities involving the real estate company's promoters.
ED alleges diversion of homebuyers' funds
The investigation originated from multiple FIRs registered by the Economic Offences Wing of Delhi Police against Vatika Limited, its promoter-directors and others. The complaints included allegations of cheating, criminal breach of trust and criminal conspiracy.
According to the agency, the land involved in the projects was held through approximately 22 group companies that had no employees or independent business operations. These entities were allegedly used to provide corporate guarantees, manage the group's land holdings and mortgage properties to financial institutions.
An examination of Vatika Limited's bank accounts allegedly revealed that money collected from purchasers was transferred to other group companies and promoter-linked entities rather than being used exclusively for the projects concerned. The agency is investigating the movement of these funds and the role of the individuals responsible for the transactions.
Promoters' roles under investigation
The ED alleged that Anil Bhalla personally supervised important decisions relating to the transactions under investigation. Gautam Bhalla, meanwhile, allegedly executed significant agreements, held directorships in land-owning companies and exercised control over their operations.
Investigators claimed that major decisions concerning the transactions were taken jointly by the two executives. Their arrests followed an examination of financial records, corporate structures and agreements involving the projects.
Separate Rs 473 crore transaction examined
The investigation has also brought a separate transaction involving Scaler Ventures under scrutiny. According to the ED, the company paid Rs 473.18 crore in 2024 under an agreement to sell and a buy-back agreement involving 165 residential plots.
However, the agency alleged that only 15 plots were subsequently bought back. Of the remaining 150 plots, 14 were allegedly sold to third parties for approximately Rs 13.62 crore without Scaler Ventures' knowledge or consent.
The ED is examining the transaction as part of its investigation into the alleged financial irregularities. It has estimated the proceeds of crime identified so far at approximately Rs 154.36 crore.
Luxury vehicle and jewellery seized
Before the arrests, the agency conducted searches at seven premises under the provisions of the PMLA. During the operation, investigators recovered a Mercedes-Benz GLC 300 and gold and diamond jewellery weighing more than 1.3 kg, valued at approximately Rs 1.55 crore, from the residential premises of one of the accused.
The ED also froze bank accounts and fixed deposits containing approximately Rs 3.04 crore. The agency said further investigation was underway to trace the movement of funds and examine additional transactions linked to the case.
The allegations remain subject to judicial examination, and the arrests do not establish the guilt of the accused.