Gurugram, January 17
Directorate of Enforcement (ED), Gurugram Zonal Office provisionally attached nine immovable properties including agricultural land of approximately 27.36 acres having a value of Rs. 68.59 Crore (approx.) on Thursday in a builder-investor case related to M/s Vatika Limited under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, said officials on Friday.
ED initiated an investigation based on multiple FIRs registered during the year 2021 by EOW, Delhi under various sections of IPC, 1860 against M/s. Vatika Limited and promoters Anil Bhalla, Gautam Bhalla and others related to offences of Criminal conspiracy, cheating and dishonestly inducing innocent investors/buyers, said officials.
ED investigation revealed that the Company M/s. Vatika Limited is allegedly involved in alluring the investors to make payments for future projects, against high-value returns like assured returns till completion and lease-rent returns after completion of projects.
However, mid-way, the company stopped paying the assured return and didn’t hand over the respective units, thereby, committing offences of Criminal conspiracy, cheating dishonestly inducing delivery of property, etc.
It was 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, and lapses concerning the completion of the said projects within the timeline, added the statement.
So far, the investigation findings reveal that more than 600 investors had invested approx. Rs. 248 Crore in the 4 projects namely, (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 (in some cases 8 to 12 years), these projects are either not completed or deferred by the company and to date, no conveyance deed has been executed by the company, added the officials.
Further investigation is under progress. More details on the matter are awaited.
