Noida: Scores of buyers who invested their lifetime savings in the WTC Noida project have alleged being defrauded by the builder with undelivered shops, plots and commercial units. The buyers on Monday claimed that WTC Noida director Ashish Bhalla has defrauded approximately Rs 5,000 crore from over 20,000 buyers and investors.
Buyers indicated that investors in various projects including Tech-1, 2, Signature Tech Zone, Plaza, Quad, Cubic and Riverside Residency among others haven’t received their possesion.
“Buyers have filed complaints with RERA, Consumer Court, High Court and NCLT, yet we await substantial action. Noida administration and other governmental bodies appear reluctant to assume responsibility. Despite 27 case hearings, no definitive resolution has emerged,” said a
buyer Vipul Gupta.
Buyers highlighted that recently the Enforcement Directorate raided at 12 locations associated with WTC Noida and Ashish Bhalla.
The raid uncovered illegal documentation worth Rs 3000 crore and revealing fund transfers to Singapore without being used for development, the ED said in its remand note before detaining Ashish Bhalla for 7 days on March 7, 2025.
Buyers have requested the UP government and central government to initiate comprehensive investigations to protect future investors from such builder mafia.
While some buyers have shown a hope after Bhutani group has got
involved in WTC.
“I invested my lifetime savings with WTC Builder in 2018 expecting lucrative returns
but the builder has defrauded us. After Bhutani group
has got involved, the necessary documentation has been completed and we are
anticipating to receive our units,” said Sujit Kumar,
a buyer.
Some buyers fear Bhutani Group’s WTC Noida conversion may inflate rates to Rs 10,000 per sq ft without occupancy certificates. They also allege WTC Noida diverts funds to shell companies while paying high commissions to agents, leaving projects incomplete.