New Delhi: Enforcement Directorate (ED), Gurugram Zonal Office, has provisionally attached a commercial plot of 1.35 acres having an approximate value of Rs 108 crore, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a builder-investor case related to M/s Vatika Limited, the agency said on Friday.
According to the ED, it initiated an investigation on the basis of multiple FIRs registered in 2021 by the Economic Offences Wing, Delhi, under sections 120B and 420 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”.
The investigation revealed that the “Company 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, the company stopped paying the assured return and didn’t hand over the respective units, thereby committing offences of criminal conspiracy, cheating and dishonestly inducing delivery of property, etc.,” the ED said in its press note.
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 the timeline.
So far, the investigation findings reveal that 659 investors had invested approximately Rs 248 crore in the four projects, namely, Vatika Inxt City Centre Tower D, E & F, Gurugram, Vatika Mindscapes Tower-C, Faridabad, Vatika Towers Tower-C, Gurugram and Vatika High Street (part of V’Lante), Gurugram.
“However, even after several years, these projects are either not completed or deferred by the company, and to date, no conveyance deed has been executed by the company,” the ED said.
In the instant case, “ED had earlier attached immovable properties to the extent of Rs 68.59 crore, which were consequently confirmed by the Ld. Adjudicating Authority. Thus, total provisional attachment in the case, so far, is Rs 176 crore approximately.”
Further, ED had also filed a Prosecution Complaint (PC) against M/s. Vatika Limited, its promoters Anil Bhalla, Gautam Bhalla and other companies of Vatika Group, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, before the Special PMLA Court, Gurugram, on May 21.
Further investigation is in progress.
(IANS)
