Promoters of Watika Ltd charged for fraud and failure to deliver plots

The Enforcement Directorate has formally lodged an ECI‑R against Watika Limited and its chief promoters—Anil, Gautam and Gaurav Bhalla—following a multi‑city raid in Delhi‑NCR. The FIRs, originally filed by the Delhi Police Economic Offences Wing, accuse the trio of breaching multiple sections of the Indian Penal Code, including cheating, misrepresentation and conspiracy to defraud.

Evidence gathered from seven seized premises includes property documents, audited financial statements, and detailed records of fund transfers obtained via Tally software. These records indicate a pattern of collecting large sums from prospective buyers for residential plots that were never handed over. Between 2010 and 2012, the company allegedly amassed ₹260.30 crore, yet only delivered land parcels worth about ₹120 crore.

The remaining plots, promised to thousands of investors, remain undelivered after fourteen years, prompting a wave of complaints. Moreover, the promoters are suspected of quietly selling fourteen of the disputed plots to a third party without the company’s consent, violating both corporate governance norms and buyer agreements.

Alongside the criminal charges, the ED seized assets valued at approximately ₹33 crore, encompassing luxury vehicles, jewellery and frozen bank holdings. The investigation remains active, focusing on untangling further layers of alleged money‑laundering and financial misconduct within the Watika group.