World Trade Centers Association cancels 13 licences held by WTC Noida, Spire Techpark

New Delhi, Mar 4 (PTI) World Trade Centers Association (WTCA) has terminated 13 licences held by WTC Noida Development and Spire Techpark due to multiple violations of the agreements.

The move came amid a probe by the Enforcement Directorate against WTC Group and its promoters Ashish Bhalla, Suparna Bhalla, Abhijeet Bhalla, as well as Bhutani Infra and others for alleged cheating, criminal breach of trust and defrauding hundreds of homebuyers.

In a statement on Tuesday, the WTCA said it has terminated the licence due to “numerous material violations of license agreements, failure to adhere to the bylaws of the WTCA as well as inability to advance the objectives of the Association”.

Effective February 19, 2025, the termination is applicable to the licences held for WTC Ahmedabad, WTC Amritsar, WTC Bhopal, WTC Chandigarh, WTC Faridabad, WTC GIFT City, WTC Lucknow, WTC Noida, WTC Noida CBD, WTC Patna, WTC Surat, WTC Vadodara and WTC Varanasi.

A spokesperson for WTCA said “one of our large members in India — WTC Noida Development Pvt Ltd (WTC Noida) and Spire Techpark Ltd — has encountered significant problems” in the development of businesses.

“The difficulties have been so severe, so significant, and so public that it has adversely affected the reputation of the WTCA and its brands, and by extension, every one of our members requiring the WTCA to investigate the matter,” the spokesperson said.

After internal examination of WTC Noida, the WTCA came to the conclusion that they had breached material terms of its license agreements.

“Therefore, the WTCA took the necessary action to terminate its license agreements with them effective as of February 19, 2025,” the spokesperson said.

“The WTCA is a not-for-profit, non-political association dedicated to helping establish World Trade Center branded businesses around the world that serve as instruments for international trade expansion. While we own and license the world-famous World Trade Center (WTC) brand to our members, we are not involved in developing or financing their projects, nor do we have any equity or ownership in, or enjoy any profit share, from their respective businesses,” the spokesperson said.

WTC Noida was a licensee of the iconic World Trade Center brand that is owned by the World Trade Centers Association, Inc. (WTCA) located in New York.

“WTCA has not been involved in any way — be it as a partner, shareholder, manager, or participant — with the real estate development projects of WTC Noida or any of WTCA’s other trademark licensees anywhere in the world,” the spokesperson said.

The WTCA is a network of more than 300 highly connected, mutually supporting businesses and organisations in nearly 100 countries/territories.

As the owner of the “World Trade Center” and “WTC” trademarks, WTCA licenses exclusive rights to these brands for members to use in conjunction with their independently owned, iconic properties, facilities and trade services offerings.

On Monday, the ED said that it has identified assets to the tune of thousands of crores of rupees after conducting searches against realty firms WTC Group and Bhutani Group.

According to the federal agency’s statement, the raids were conducted under the provisions of Prevention of Money Laundering Act on February 27.

Raids were carried out at several locations in Delhi, Noida (Uttar Pradesh) and Faridabad and Gurugram (both in Haryana) against WTC Group and its promoter Ashish Bhalla, and Bhutani Group and its promoter Ashish Bhutani.

The ED said that dozens of FIRs have been filed by the Economic Offences Wing of the Delhi Police and the Faridabad Police in this matter.

These police cases were registered on the basis of complaints from “hundreds” of homebuyers and investors.