PANAJI
The Directorate of Enforcement (ED) has provisionally attached residential properties in Goa as part of a crackdown on a massive real estate fraud allegedly led by Ashish Bhalla, head of the WTC group with assets worth Rs 2,348 crore now under the agency's control.
The properties in Goa are among a portfolio of immovable assets across Delhi-NCR, Gurugram, Faridabad and Noida, attached by the ED’s Gurugram Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002. The seized assets include nearly 159 acres of land, both licenced and unlicensed, and a large inventory of unsold real estate.
While the exact locations of Bhalla’s Goa holdings have not been disclosed, officials confirmed these were luxury residences purchased using funds allegedly illegally siphoned from thousands of investors. ED investigation revealed that over 12,000 investors were duped by Bhalla and his group of companies through a well-orchestrated scheme of promising assured returns on investments in plots and commercial spaces under the WTC brand.
"More than Rs 2,700 crore was collected from investors across multiple states including Haryana, Uttar Pradesh, Punjab, and Chandigarh. However, a significant portion of these funds was diverted and siphoned off by Ashish Bhalla and never used for real estate development. Additionally, a substantial amount was illegally transferred abroad to entities based in Singapore, which are beneficially owned by close family members of Bhalla,” the ED said.
As per the ED, it had conducted search operations on February 27, 2024, during which Bhalla absconded and attempted to influence key witnesses. He was subsequently arrested on March 6, 2025, to prevent obstruction of the investigation and tampering with evidence. The attached properties are identified as direct proceeds of crime.
