Gurugram: ED Recovers Assets Worth Rs68.59 Crore in Vatika Limited Case

                Gurgaon: The Enforcement Directorate (ED) has provisionally attached nine immovable properties — including approximately 27.36 acres of agricultural land — valued at Rs 68.59 
crore in connection with a massive builder-investor fraud case involving Vatika Limited.
The action was taken under Prevention of Money Laundering Act (PMLA), 2002, highlighting the alleged exploitation of over 600 investors.
The ED investigation follows multiple FIRs lodged in 2021 by the economic offences wing, Delhi, against Vatika Limited, its promoters Anil Bhalla and Gautam Bhalla and others. The 
charges include criminal conspiracy, cheating and dishonestly inducing investors and homebuyers.
The ED said Vatika Limited lured investors into paying for future projects by promising high returns, including assured payments during construction and lease-rent returns post-
completion.

However, the company allegedly failed to honour these commitments, halting assured returns and delaying the handover of units.
The investigation revealed significant procedural lapses by Vatika Limited, including non-renewal of licences from the department of town and country planning and failure to complete 
projects within stipulated timelines. These irregularities left investors stranded, with no legal recourse or possession of promised units.
The projects under scrutiny include Vatika Inxt City Centre Tower D, E & F (Gurgaon), Vatika Mindscapes Tower-C (Faridabad), Vatika Towers Tower-C (Gurgaon) and Vatika High 
Street (part of V'Lante, Gurgaon).
More than Rs 248 crore was collectively invested in these projects, some of which have been delayed for up to 12 years.
Despite repeated promises, the company neither completed the projects nor executed conveyance deeds for the affected investors.
This development marks a significant step in holding real estate defaulters accountable.
The ED's action sends a clear signal against fraudulent practices in the real estate sector, which have trapped countless homebuyers and investors.


Source : Time of India