Punjab and Haryana HC clubs Faridabad FIRs against WTC Group promoter Ashish Bhalla
Ashish Bhalla was arrested by the Enforcement Directorate (ED) on charges of cheating and money laundering.
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The court was hearing a petition filed by Bhalla in March, seeking the quashing of FIRs, and in the alternative, the consolidation of FIRs and the quashing of production warrants. (File Photo)The Punjab and Haryana High Court recently clubbed 26 FIRs lodged in Faridabad against World Trade Center (WTC) Group promoter Ashish Bhalla for allegedly cheating homebuyers.
Justice Rajesh Bhardwaj on August 22 further ordered that any FIR that may be registered against Bhalla in future involving similar allegations be also treated as a statement under Section 161 of the erstwhile Criminal Procedure Code, which grants police officers the power to examine witnesses during an investigation.
The court was hearing a petition filed by Bhalla in March, seeking the quashing of FIRs, and in the alternative, the consolidation of FIRs and the quashing of production warrants. The FIRs now clubbed were filed between May 7, 2024, and May 27 this year.
During the hearing on August 22, Bhalla’s counsel withdrew the prayer for quashing with liberty to file at a later stage. This liberty was granted by the High Court. They then limited their arguments to the clubbing of the FIRs.
As many as 2,222 people who had invested in the now-stalled Faridabad WTC project opted for refunds earlier with a court agreeing to a “refund and settlement plan” proposed by the WTC Group promoter, who was arrested by the Enforcement Directorate (ED) in March on charges of cheating and money laundering.
(https://indianexpress.com/article/cities/delhi/wtc-faridabad-promoter-ashish-bhalla-proposes-refund-plan-for-investors-before-court-10088953/)
On May 22, a Faridabad court allowed Bhalla to open an escrow account to facilitate settlements to the investors.
According to the FIRs, WTC Faridabad Infrastructure Development Private Limited, of which Bhalla was a promoter, lured buyers into investing in a project at Sector 111-114 in Faridabad, promising residential plot allotments. However, the promoters allegedly orchestrated a criminal conspiracy, failing to complete the project and withholding plot deliveries for over a decade.
On March 6 this year, ED attached assets worth Rs 2,300 crore, including land in Faridabad, and arrested Bhalla. It is alleged that he, among other things, had diverted investor funds. Of the 2,222 investors, at least 1,045 have already received the settlement, his counsel had earlier informed the district court.
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