The Enforcement Directorate (ED) in Gurugram, Haryana has attached property worth Rs 68.59 crore of Vatika Company. ED took this action in the builder-investor fraud case. In this, 9 immovable properties including about 27.36 acres of agricultural land have been temporarily attached.
It is alleged that the company has cheated more than 600 investors. In 2021, the Economic Offenses Wing of Delhi Police registered an FIR against Vatika Limited, its promoters Anil Bhalla, Gautam Bhalla and others.
Investors lured by promising high returns
ED said that Vatika Limited lured investors by promising high returns for future projects, including assured payments during construction and lease rent returns after completion. But later stopped paying the assured returns and did not hand over the respective units to the investors.
Apart from this, companies associated with Vatika Group took loans of more than Rs 5000 crore, out of which about Rs 1200 crore was waived by Indiabulls Company in an agreement with Vatika Group and its promoters.
Raid was conducted in October
ED had conducted raids in October 204 at 15 places including Delhi and Gurugram in the case of money laundering against Vatika Limited and its associate institutions. During this, ED had seized documents related to investment, loan papers taken from financial institutions and pen drives, hard disks, laptops and mobile phones.
About 600 investors are involved in this case. They were promised assured returns on investing in the commercial project of Vatika Limited.
Investment of about Rs 248 crore in 4 projects
According to the agency, more than 600 investors had invested about Rs 248 crore in four projects of the company. These are named as Vatika Inext City Centre Tower D, E and F in Gurugram, Vatika Mindscapes Tower-C, Vatika Towers (Tower-C) in Faridabad.
It is said that the company did not renew the license from DTCP (Department of Town and Country Planning) from time to time and did not follow proper procedures regarding completion of the said projects within the time limit.
ED said that a provisional order was issued on Thursday under the Prevention of Money Laundering Act (PMLA) to confiscate nine immovable properties including 27.36 acres of agricultural land worth Rs 68.59 crore in the ‘builder-investor’ case related to Vatika Limited. The company could not be contacted for comment on this matter.
