ED Raids on Vatika Limited and Identifies Rs 200 Crore

                NEW DELHI: The Enforcement Directorate (ED) 
has identified properties worth more than Rs 
200 crore during raids conducted at 15 
premises in Vatika Limited and others under 
the 
provisions of the Prevention of Money 
Laundering Act (PMLA), the agency said on 
Thursday.
The agency had carried out the searches on 
October 7 in the two cities in relation to a case 
wherein more than four hundred investors of 
various commercial projects did not receive 
assured returns as incorporated in the Builder 
Buyer Agents (BBAs), nor did the company 
hand over the commercial units to the buyers 
and investors.
During the search operations, the ED said, 
various incriminating documents and records 
related to investments of the buyers, loans 
borrowed by the group companies from the 
financial institutions and digital devices such 
as pen drives, hard drive, laptops and mobile 
phones have been seized.
ED initiated investigation on the basis of 
multiple First Information Reports registered 
during the 2021 by Economic Offence Wing, 
Delhi and Haryana Police under various 
sections of 
Indian Penal Code, 1860 against Vatika Limited 
and promoters Anil Bhalla, Gautam Bhalla and 
others related to offences of Criminal 
conspiracy, cheating and dishonestly inducing 
delivery of property.
ED said its investigation revealed that the 
Vatika Limited is involved in "alluring the 
investors for making payments for future 
projects, against high value of returns like 
assured returns 
till completion and lease-rent return after 
completion of projects."
"However, in mid-way, company stopped 
paying the assured return and didn't hand over 
the respective units in various projects in 
Faridabad and Gurugram thereby committed 
offences of criminal conspiracy, cheating and 
dishonestly inducing delivery of property," said 
the ED.
Further, the agency said, it is revealed that 
Vatika Group of companies had availed loans 
of more than Rs 5000 crore out of which 
approximately Rs 1200 crore was waived off 
by the 
Indiabulls company in a settlement with Vatika 
group and its promoters.
"It is also revealed during the investigation that 
the company has not followed the due 
procedures such as non-renewal of the 
licences from DTCP from time to time, lapses 
with 
respect to completion of the said projects 
within timeline," said the federal agency.
So far, the agency also said, the investigation 
findings reveal the involvement of 
approximately Rs 250 crore generated as 
Proceeds of Crime.


Source : Economic Times