Gurugram zonal offs of ED initiated action
The Enforcement Directorate (ED) has taken major action against Bhutanese Group and its directors in the Real Estate Sector. The raid conducted by the ED in NCR has revealed that the promoters collected more than Rs 3,500 crore from investors and did not give them plots as promised. The company allegedly embezzled investors’ money to buy personal property worth Rs 200 crore in Singapore and the US. The ED has seized several property papers. Not only this, the ED has taken strict action against the accused and freeze their bank accounts.
Rs 3,500 crore collected from investors for 15 projects
According to the ED, “During the search operation, documents related to funds collection worth more than Rs 3,500 crore were found from several investors for 15 projects in Delhi and NCR.” The ED said in a statement that at very few of the 15 major projects, delivery has been done, which indicates a well -planned Ponzi scheme and a property in the name of shell companies to manipulate funds abroad.
Gurugram zonal offs of ED initiated action
The ED said, “The raid has found that more than 200 crore rupees have been taken to Singapore and America, which indicate investment to acquire foreign assets.” The Gurugram zonal offs of ED launched a money laundering case against Bhutani Group and its promoters Ashish Bhutani and Ashish Bhalla on the basis of dozens of FIRs recorded in Faridabad and Delhi.
On February 27, there was a search at 12 places
A total of 12 places were searched in Delhi, Faridabad and some other cities on February 27 against the WTC Group and its promoters. The ED claimed that “promoters/directors hatched a criminal conspiracy and did not complete the project within the stipulated time and grabbed the money collected from the plot buyers by not giving any plots to investors for more than 10 years.”
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