Gurgaon: Vatika promoters Anil and Gautam Bhalla were arrested by Enforcement Directorate over allegations that buyers paid about Rs 260 crore upfront for residential plots in the group’s projects in the city, but substantial portions of the promised land were never delivered. The agency also alleged that plots were later renumbered or shifted as project layouts were changed, while some land was allotted or sold to other buyers.The two were arrested on Sept 28 under Prevention of Money Laundering Act and produced before a special PMLA court in the city the next day. Gautam Bhalla was remanded in ED custody for four days, till Oct 3, as the agency is probing alleged diversion of funds and transactions linked to Vatika India Next and Next-2.The case took off from five FIRs registered by Delhi Police’s economic offences wing against Vatika Ltd, the Bhallas and others under IPC sections 420, 406 and 120B — cheating, criminal breach of trust and criminal conspiracy.According to ED, seven purchaser entities paid about Rs 260 crore upfront between 2010 and 2012 for plots in Vatika India Next in sectors 84-85 and Next-2 in Sector 88A. Plot-wise agreements were executed in 2014-15. The investigating agency also alleged that layouts were later revised, plots originally allotted to buyers were renumbered or shifted, and land continued to be allotted or sold to others.The non-delivery of plots was more critical in Next-2. About 1.1 lakh sq yards bought for Rs 90 crore remained completely undelivered even after about 14 years. In Next, delivery was only partial, with plots worth about Rs 140.7 crore still allegedly undelivered.The FIRs involved transactions linked to SEH Realtors, HA Realtors/AHP, Span India/Positive Buildwell, Span India/Span Holdings and Scaler Ventures. In one Next-2 case, ED alleged that 131 agreements covering about 47,275 sq yards, plus another 10,667 sq yards, were executed, but none of these plots was handed over. In another involving HA Realtors/AHP, 65,117 sq yards out of 88,835 sq yards were delivered between 2019 and 2023, leaving 23,718 sq yards pending.ED is also examining a 2024 transaction involving Scaler Ventures. The agency alleged that after a buyback arrangement covering 165 plots, 14 of the remaining 150 were sold to third parties for about Rs 13.6 crore without Scaler’s knowledge. It quantified the alleged proceeds of crime at Rs 154.4 crore.The agency is also tracing the money involved. It said project land was held through 22 group companies that had no employees or independent business activity and were used mainly to hold land, provide corporate guarantees and raise finance. ED alleged money collected from buyers was transferred to other group and promoter-linked entities outside the projects.“All major decisions were taken jointly by these two persons,” an ED official said, alleging that Anil Bhalla supervised key transaction decisions while Gautam Bhalla executed important agreements and controlled land-owning entities.The arrests followed ED searches at seven premises of Vatika India in Aug, when it said it froze or seized assets worth about Rs 33 crore. The group had also faced a similar ED action in Oct 2024 over alleged non-payment of assured returns and non-handover of commercial units.Vatika’s response was not immediately available.
