WTC Group Promoter Ashish Bhalla Arrested By ED On Money Laundering Charges

WTC Group's Ashish Bhalla arrested by Enforcement Directorate for money laundering. He allegedly defrauded investors of Rs 3,000 crore through shell companies, with funds transferred abroad, primarily to Singapore.

File image.

Source : PTI

The Enforcement Directorate on Thursday arrested the promoter of WTC Group, Ashish Bhalla, under charges of money laundering. Bhalla is accused of taking Rs. 3,000 crore from investors by offering assured returns and transferring the money to shell companies. Investigations revealed that hundreds of crores were sent abroad, particularly to Singapore, where his family members were the beneficiaries.

The probe body conducted a search operation at his location on February 27, 2024. However, Ashish Bhalla had fled then. He was finally arrested on March 6, 2025. 

A special court in Gurugram has granted six days of custody to the probe body.

Raids Conducted In Delhi, Noida

The ED had carried out raids on the WTC builder, its promoter Ashish Bhalla, and the Bhutani Group’s premises on February 27, 2025. The agency raided about 12 locations in Delhi, Noida, Faridabad, and Gurugram.

Officials mentioned that FIRs were filed by the Economic Offence Wing of the Faridabad and Delhi Police against WTC Builder, Bhalla, and the Bhutani Group, after which the case was transferred to the ED.

Projects Not Completed Even After 10 Years

Officials stated that the WTC Group has projects in Faridabad, Noida, and several other locations. It is alleged that the group took a loan of Rs.1,000 crore from investors but has not completed the projects even after 10-12 years. Bhutani Infra Company issued a press release stating that it severed ties with the WTC Group earlier this month and is now fully cooperating with the ED’s investigation.