New Delhi, October 13, 2017: Saket District has denied anticipatory bail application against promoter of AN Buildwell and Viridian WTC Mr. Ashish Bhalla.
On September 22, the court had issued an arrest warrant against Mr. Bhalla for his involvement in a scam of siphoning of funds from two projects of AN Buildwell.
The Hon’ble Judge Mr. Sanjiv Jain of Saket Court passed the order on October 11, 2017 and dismissed Mr. Ashish Bhalla’s Bail Application by observing the facts that accused does not deserve to be released.
The developer had launched two projects Spire Edge IT Park, Manesar and Spire Wood at Sector103, Gurgaon, Haryana. Both the projects are incomplete as their construction stopped in 2014-2015 due to paucity of funds to complete the projects.
The court noted that it is a case of siphoning off huge amount of money of the innocent purchasers and investors, who are still awaiting possession.
“The builders are now in a fix as law has finally woken up against them. Every builder has made Crores from innocent investor’s by giving them fake and wrong promises. We are happy that the courts are serious to our problems and now jail and not the bail is the order for these promoters,” Spokesperson for SpireEdge Shops Cum Office Owner Welfare Association said.
Many buyers including their associations were protesting against bail to be given to Mr. Bhalla.
Court had directed Mr. Bhalla to attend Economic Offences Wing till the hearing of his bail application.
Viridian RED, which was also promoted by Mr. Bhalla under WTC brand name has projects in Noida, Greater Noida, GIFT Gandhi Nagar and Faridabad. These projects are worth over Rs 2,000 crores.
Several builders recently have been arrested especially post implementation of RERA in Uttar Pradesh.
AN Buildwell is owned by the promoter group and investor group.
Mr. Bhalla represented as Asset Manager for Millenium Spire Ltd, an offshore private equity fund for the real estate projects in India which was later renamed as Sphereinvest Viridian India Property Fund Ltd. This fund invested and owns 50% of AN Buildwell.
However, due to financial irregularities including major siphoning of funds, Mr. Bhalla was made to leave the fund and SPV’s (Special Purpose Vehicle) floated by 2013.