Chandigarh: The Enforcement Directorate (ED) cracked down on major real estate players in the NCR,

conducting search operations across 12 locations in Delhi, Faridabad, and other parts of the region.

The raids targeted WTC Group and its promoter Ashish Bhalla, along with Bhutani Group and its promoter Ashish Bhutani, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

According to ED sources, the searches led to the seizure of incriminating documents, digital devices, jewellery, and bullions worth Rs. 1.5 crore.

In a major financial blow to the companies under the scanner, the agency has also frozen Fixed Deposits in the name of WTC Group of companies.

“The operation was part of an ongoing probe into alleged financial irregularities and money laundering activities linked to these entities. Several crucial documents and electronic records were seized, which will be examined for further leads,” an ED official told Himbu Mail, requesting anonymity.

The raids have sent shockwaves through the real estate and corporate circles in NCR, as both groups have been prominent players in the sector.

WTC Group is known for its ambitious commercial projects, while Bhutani Group has been a key name in premium office spaces and retail developments.

Industry insiders believe this could be the beginning of a larger crackdown on financial misconduct in the real estate sector, with ED tightening its grip on money laundering networks operating through high-value real estate deals.

Sources indicate that the agency is now scrutinizing multiple financial transactions, investment routes, and possible fund diversions by these firms.

The next steps in the investigation are likely to involve summons for questioning, forensic audits of the seized data, and possible attachments of properties linked to the alleged money laundering activities.

With ED’s noose tightening, other big players in the sector are on edge, fearing similar action in the coming days.