What’s inside:
This article covers the Enforcement Directorate’s recent action against Vatika Limited for not completing projects and the implications for investors.
In Gurugram, the Enforcement Directorate (ED) has taken strong action against Vatika Limited, a real estate company. They have seized a 1.35-acre commercial plot worth around Rs 108 crore under the Prevention of Money Laundering Act.
Vatika Limited is facing serious allegations for taking Rs 248 crore from 659 investors but failing to finish four major projects. Complaints against the company began in 2021 when investors reported that their investments were not yielding promised returns.
The unfinished projects include Vatika Infotech City Center Tower D in Gurugram, Vatika Mindscape Tower C in Faridabad, and others. Investors were promised long-term returns, and while some received initial payments, those stopped eventually.
The ED is looking into the situation and has previously attached properties worth Rs 68.59 crore. Key figures in the company, including promoters Anil Bhalla and Gautam Bhalla, are under scrutiny for possibly using the invested money for other purposes instead of project completion.
The investigation will continue to track the flow of funds and see if the investment money was diverted. If the claims are proven true, more assets could be seized in the future.
Summary:
- ED has seized a Rs 108 crore plot from Vatika Limited.
- Company accused of not completing projects after taking Rs 248 crore.
- Complaints began in 2021 regarding unfulfilled promises to investors.
- Key promoters are being investigated for misusing funds.
- Further investigations may lead to more asset attachments.
