ED arrests Vatika Group CMD in money laundering probe over land sales

The Enforcement Directorate (ED) has arrested the chairman and managing director of Vatika Group as part of an investigation under the Prevention of Money Laundering Act (PMLA), officials said. The arrest relates to alleged irregularities in the sale of residential plots across multiple Vatika projects in Gurugram.

According to the ED's findings, between 2010 and 2012, seven purchaser entities transferred ₹260 crore to Vatika Limited as complete sale consideration for residential plots in Vatika India Next projects located in Sectors 84/85 and Vatika India Next-2 in Sector 88A. The agency's investigation suggests potential violations in how these transactions were structured and executed.

The arrest marks an escalation in the ED's scrutiny of the real estate developer's financial dealings. The agency has been examining whether the transactions involved proceeds of crime or represented attempts to launder illicit funds through the property sector. The case underscores ongoing regulatory focus on financial transparency within India's real estate industry.

Details regarding the specific charges and the arrested individual's response to the allegations were not immediately available. The investigation is continuing, with the ED expected to file additional details before the appropriate judicial authority.