The Enforcement Directorate (ED) has launched an investigation into the Bhutani Group, a prominent real estate company, over alleged financial irregularities and misappropriation of investor funds.
The group reportedly collected over Rs 3,500 crore from investors for various projects but failed to allocate promised plots. Instead, funds were allegedly diverted for personal property acquisitions, including Rs 200 crore invested in Singapore and the US.
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ED has seized multiple property documents and frozen the bank accounts of those implicated.
Opposition to Bhutani Project in Goa
Bhutani Group’s proposed project in Sancoale, Goa, has faced strong opposition from locals and activists. The project, which includes around 750 five-star flats in Savarfond-Sancoale, has been met with multiple protests.
Despite local resistance, the government and panchayat continue to support the development.
A petition challenging the project’s permits has been filed in the Goa Bench of the Bombay High Court, where hearings are currently underway.
ED Raids and Financial Irregularities Uncovered
These raids, carried out under the Prevention of Money Laundering Act (PMLA), 2002, exposed large-scale financial misconduct, including illicit overseas investments.
The probe was triggered by multiple FIRs registered by the Economic Offences Wing (EOW) in New Delhi and Faridabad, following complaints from homebuyers alleging fraud, breach of trust, and criminal conspiracy. The FIRs claim that WTC Faridabad Infrastructure Pvt Ltd misled buyers into investing in a project in Sector 111-114, Faridabad, but failed to deliver plots for over a decade.
