New Delhi, Aug 27 (IANS) The ED searched seven residential and business premises of real estate firm Vatika Limited in the Delhi-NCR region and seized three high-end luxury vehicles, jewellery and froze bank accounts/securities worth nearly Rs 33 crore in a case related to an over Rs 100 crore fraud with home and office plot buyers, an official said on Thursday.
The Directorate of Enforcement (ED), Gurugram Zonal Office, conducted search operations on August 25 against the company and its officials in a money laundering matter linked to alleged fraudulent inducement, non-delivery of residential plots, and other related offences, the ED said in a statement.
The raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, at premises linked to Vatika Limited and its promoter-directors, it said.
The ED had earlier recorded an Enforcement Case Information Report (ECIR) under the PMLA, 2002, against Vatika Limited, its promoter-directors, namely Anil Bhalla, Gautam Bhalla and Gaurav Bhalla, and others.
The ECIR was based on multiple FIRs registered by the Economic Offences Wing (EOW), Delhi Police, under various Sections of the IPC, 1860, alleging fraudulent inducement, non-delivery of residential plots to home and plot buyers, and other related offences, the ED said.
The investigation conducted so far has prima facie revealed a common pattern in transactions relating to the projects “Vatika India Next” and “Vatika India Next-2”, wherein substantial amounts were received upfront from complainants towards allotment and sale of residential plots. Still, a significant portion of the promised plots was not delivered even after multiple deadlines lapsed, the ED said.
Against Rs 260.30 Crore received from the victim entities between 2010 and 2012, plots worth approximately Rs 120 crore were delivered. However, the remaining plots were not delivered even after 14 years, despite several attempts by the victim entities to obtain them, the ED said.
The investigation has also revealed the involvement of various land-owning/group entities and key persons associated with the Vatika Group. Further, in the same project, the accused persons have also clandestinely sold 14 plots to third parties without taking due consent from the victim company.
During the search operations, the team recovered and seized various incriminating documents and digital devices, including property-related documents about the promoters and directors of Vatika Limited, audited financial statements, Tally data, records relating to the movement/diversion of funds, and details of funds received from the complainants.
Further, the ED also seized/froze three high-end luxury vehicles, jewellery, and bank accounts/securities with an aggregate value of approximately Rs 33 crore under the PMLA, 2002.
–IANS
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