New Delhi, March 7 -- The Enforcement Directorate (ED) officials in Gurugram arrested Ashish Bhalla, the promoter WTC Group, on Friday under the provisions of PMLA in the case of Real Estate fraud involving cheating and duping thousands of investors of their monies through well planned conspiracy.

Investigations revealed that after promising assured returns in exchange for their investment against plot/commercial space, the funds were diverted and siphoned off to several shell companies to acquire lands at various locations.

Investigations have also revealed that hundreds of crores were also diverted abroad to suspicious entities in Singapore whose beneficial ownership is with family members of Sh. Ashish Bhalla. Further investigation h...