ED searches WTC Builders & Bhutani Group for real estate fraud
The Enforcement Directorate on Thursday launched searches at multiple premises of two real estate companies — WTC Builder and Bhutani Group — and their promoters in the national capital region of Delhi to probe money laundering into fraud committed with homebuyers.
The searches by the ED office were being carried out in about a dozen locations in Delhi, Noida in Uttar Pradesh, and Gurugram and Faridabad, both in Haryana, under provisions of the Prevention of Money Laundering Act (PMLA).
The ED swung into action after taking cognisance of FIRs filed by Faridabad police and Delhi Police’s Economic Offences Wing against WTC Builder and the Bhutani Group, the officials said.
It is alleged that the WTC Builder and Bhutani Group had launched a housing project in Faridabad in 2022 in which 2000 persons had invested. People in Faridabad have also been protesting on the street against reported irregularities in the project.
The WTC group has multiple projects in Faridabad, Noida and some other locations. It is alleged that the group has collected large sum of money from investors but did not deliver houses to them for the last 10-12 years, the officials said.
