The Enforcement Directorate (ED), Gurugram Zonal Office, announced on Friday that it has attached a commercial plot of 1.35 acres, worth Rs. 108 crore, in a case involving builders and investors of Vatika Limited.
The ED initiated a PMLA investigation based on multiple FIRs registered by the Economic Offences Wing (EOW) of Delhi. The FIRs were filed under sections 120B and 420 of the IPC against Vatika Limited, its promoters Anil Bhalla and Gautam Bhalla, and others, for criminal conspiracy, cheating, and dishonestly inducing innocent investors and buyers.
The ED investigation revealed that Vatika Limited lured investors to make payments for future projects by promising high-value returns, such as assured returns until completion and lease-rent returns after completion. However, the company midway stopped paying the assured returns and failed to hand over the respective units, thereby committing offences of criminal conspiracy and cheating.
“It was also revealed during the investigation that the company failed to follow due procedures, such as non-renewal of licences from the DTCP from time to time, and there were lapses in completing the said projects within the timeline,” said an ED official.
“So far, the investigation findings reveal that 659 investors had invested approximately Rs. 248 crore in four projects: (i) Vatika Inxt City Centre Tower D, E & F, Gurugram; (ii) Vatika Mindscapes Tower-C, Faridabad; (iii) Vatika Towers Tower-C, Gurugram; and (iv) Vatika High Street (part of V’Lante), Gurugram. However, even after several years, these projects are either incomplete or have been deferred by the company, and no conveyance deed has been executed to date.”
In this case, the ED had previously attached immovable properties worth Rs. 68.59 crore, a measure subsequently confirmed by the Adjudicating Authority. The total provisional attachment in the case now stands at Rs. 176 crore.
The ED has also filed a Prosecution Complaint (PC) in the matter. Further investigation is ongoing.